Calpers News

Calpers: One-Fifth of Public Holdings Exposed to Climate Risk

About one-fifth of the California Public Employees’ Retirement System public markets portfolio is exposed to potential losses from climate change, the $381 billion pension fund manager reported this week in its first ever climate-risk disclosure report. The report, mandated by …

Pension Trustees Seek Corporate Disclosure of Sexual Harassment Costs, Policies

A group of trustees from some of America’s biggest public pensions are calling on companies to detail costs related to sexual harassment and any measures they’re taking to address the problem. “We don’t see how it could possibly be accretive …

Report: U.S. Making Progress Against ‘Too-Big-to-Fail’ Bailouts

For the past year, a special team of U.S. bank regulators has been on a quiet mission to end the belief on Wall Street that large banks are “too big to fail.” The team from the Federal Deposit Insurance Corp. …

Bond Insurers Challenge Stockton’s Bankruptcy Over Pensions

Two bond insurers challenged the eligibility of Stockton, California, for bankruptcy, arguing that the city can cut pension benefits, a move that could have profound implications for the state. The court filings set a roadmap for a battle, in or …

Chiang Finds More Signs of Fiscal Abuse in Southern California City

State Controller John Chiang on Wednesday released his final review of the city of Montebello, alleging possible pension spiking, payroll errors, a loose petty cash drawer, and “systemic problems” in the Southern California city’s internal controls of its finances. “Lax …

Bank of America Reaches Settlement in Countrywide Case

Bank of America Corp. has reached a settlement with former Countrywide Financial Corp. institutional investors who decided not to join a $624 million class-action case that won court approval in February. The terms of the accord were not disclosed in …

Big Business, Investors Urge Tough Climate Action

U.N. climate talks in South Africa next month must make meaningful progress or governments “risk permanent damage to their credibility”, a group of global businesses warned on Thursday. At the Nov. 28-Dec. 9 summit in Durban, governments should try to …