CalPERS, CalSTRS and the Los Angeles County Employees Retirement Association, Pasadena, Calif., filed a joint lawsuit in Los Angeles County Superior Court against WorldCom Inc., claiming the firm misled investors about its financial health in a May 2001 bond offering.
The $149 billion California Public Employees’ Retirement System, Sacramento, seeks to recover $268 million in losses from the bond issue. The $100 billion California State Teachers’ Retirement System, Sacramento, wants to recover $24.5 million in losses; and the $26 billion LACERA claims it lost $25.9 million.
WorldCom officials did not respond to media inquiries by press time.
