California Attorney General Jerry Brown’s office said Monday it would unveil a lawsuit against a major bank for committing fraud against the state’s Calpers and Calstrs retirement systems, two of the nation’s largest pension funds.
The lawsuit will seek to recover nearly $200 million in illegal overcharges and penalties, Brown’s office said in a statement.
A spokesman for Brown said details of the lawsuit would be disclosed Tuesday morning.
Representatives of Calpers, the California Public Employees’ Retirement System, and Calstrs, the California State Teachers’ Retirement System, were not immediately available for comment.
(Reporting by Jim Christie; editing by Carol Bishopric)
Topics Lawsuits California Fraud
Was this article valuable?
Here are more articles you may enjoy.
Why Is it so Easy for Iran to Shut the Strait of Hormuz? 
Iran Warns Gulf Nations of Major Response After Gas Field Strike 
US Home Insurance Prices Set to Keep Rising With Severe Weather 
AIG, McGill Announce Collaboration to Potentially Transform Subscription Market 
