CalPERS recovered a $3.75 million settlement for shareholders from...

CalPERS recovered a $3.75 million settlement for shareholders from former officers and directors of W.R. Grace & Co. Grace also agreed to adopt a policy on sexual harassment that CalPERS officials believe can provide a model throughout the country. The settlement, approved by the New York Supreme Court today, stems from a $20 million severance package awarded to J.P. Bolduc, Grace’s former CEO. Mr. Bolduc resigned as president and CEO in March 1995 following published charges of alleged sexual harassment against him by at least five Grace employees. Shareholders charged the payments were improper; CalPERS intervened in 1996 and was later named the lead plaintiff.