AG Brown to unveil fraud allegations against major institutional bank
California’s Attorney General will unveil fraud allegations against a major institutional bank at 10 this morning.
There’s been no comment yet on which bank will be named, but it’s said to face allegations that it defrauded California’s two largest pension funds.
CalPERS administers retirement for the state’s 1.6 million state workers and has about $173 billion dollars in assets.
The California State Teachers Retirement System oversees retirement, disability, and survivor benefits for California’s 833,000 public school educators and their families.
It has a portfolio worth about $114 billion.
The announcement from California Attorney General Jerry Brown will seek to recover nearly $200 million in what he calls illegal overcharges and penalties.
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