Los Angeles County Employees Retirement Association, Pasadena, Calif., settled its negligence and breach of contract lawsuit against Towers Perrin, Forster & Crosby and two Towers Perrin actuaries, John King and David LeSueur, said Gregg Rademacher, assistant executive officer of the $24 billion system. The complaint was filed January 2001 in Los Angeles County Superior Court, Mr. Rademacher said.
Mr. Rademacher and Stanley Davis, Towers Perrin spokesman, both said the matter has been "satisfactorily resolved. Neither would elaborate on the terms of the settlement.
Separately, the system rehired Mellon Bank as provider for the $1.5 billion international equity component of the $24 billion systems securities lending program, which has a total of $12 billion in lendable assets.