Share This Post
Daily Journal Covers CalPERS Hearing
The Los Angeles Daily Journal ran a story today on the class action lawsuit Shernoff Bidart Echeverria LLP filed against CalPERS. A judge at the Central Civil West courthouse in Downtown Los Angeles heard arguments from both sides on whether to move the case toward trial. There is a status conference scheduled for August 20.
The class action lawsuit filed in Los Angeles Superior Court accuses CalPERS of intentionally misleading over 100,000 retirees over the last 18 years by selling them long term insurance that was underfunded and under duress for a decade. As a result of this underfunding, CalPERS is raising rates in spite of repeated promises to the contrary and some policy holders will see their rates go up as much as 1000% over the life of the policy.
To read the article, please go to www.dailyjournal.com (subscription required).