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 Power Outages Do More Economic Damage Than We Think 
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
GEICO Settles Call-Center Worker Suits for $940,000; Attorneys Get Half 
