Los Angeles County Deferred Compensation and Thrift Plans is searching for a provider of class-action filing services, said Elizabeth Lee, finance analyst for the county treasurer and tax collector, in an email.
The 457 plan had $14.4 billion in assets and the 401(k) plan had $3.8 billion as of Jan. 31. The provider would check whether the plans qualify to participate in any U.S. class-action lawsuits based on their past securities holdings, purchases or sales.
Officials at the plans are launching the search because its custodian State Street, which was hired in 2017, does not provide the service. The plans' former custodian, Bank of New York Mellon, provided the service for a couple of years until it notified plan officials that it would no longer offer the service.
ISS Securities Class Action Services has been providing the service on a short-term basis and has been invited to rebid for a long-term contract, Ms. Lee said.
RFP responses are due May 4 with a selection expected in about three months. The RFP can be found on the Los Angeles County treasurer and tax collector website.
