Some pension officials, particularly trustees of public and union pension funds, said they did not want to sign away their right to sue.

Throughout the week, fund managers said that only a handful of pension officials had shown an interest in buying these securities.

Financial-services companies began teaching pension officials how to set up the programs at conferences.

Many pension officials assumed they could pack their programs with extras, and if it all cost too much, investment returns would make up the difference.

Since then, pension officials have cut back sharply in their use of portfolio insurance.

Despite such warnings, many pension officials say today's approach to pension investing is sound.

In some cases, pension officials say they also choose alternative investments to achieve other goals, like local development.

The men had hoped the fund would invest in one of their business ventures but, although they met with pension officials, no such deal came about.

And buying 30-year bonds could help pension officials who want to guarantee they can meet their projected costs.

But the pension officials hope that the size of their stake also puts them in a position to push for change.