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CalPERS suit is granted class status

March 26, 2009|Times Wire Reports

The California Public Employees' Retirement System, the biggest U.S. pension fund, was granted class status for its shareholder lawsuit against the New York Stock Exchange and specialist firms, a spokesman said.

The 2003 investor lawsuit alleges that seven specialist firms traded for their own accounts ahead of clients', resulting in inferior prices for customers.

The federal judge overseeing the case in New York granted it class-action status, the CalPERS spokesman said.

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