UPDATE 1-California launching fraud suit against major bank
Published: 19 Oct 2009 17:28:36 PSTSAN FRANCISCO, Oct 19 - California Attorney General Jerry Brown's office said on Monday it would unveil a lawsuit against a major bank for committing fraud against the state's Calpers and Calstrs retirement systems, two of the nation's largest pension funds.
The lawsuit will seek to recover nearly $200 million in illegal overcharges and penalties, Brown's office said in a statement.
A spokesman for Brown said details of the lawsuit would be disclosed on Tuesday morning.
Representatives of Calpers, the California Public Employees' Retirement System, and Calstrs, the California State Teachers' Retirement System, were not immediately available for comment.
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