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California State Teachers Retirement System

BUSINESS
February 12, 1997 | TOM PETRUNO
The investment officers of California's two big public employee pension funds are taking two very different approaches toward investing their huge asset pools--and the results may cost one of those individuals his job. The $68-billion California State Teachers' Retirement System fund, under Chief Investment Officer Tom Flanigan, has become increasingly wary of the U.S. stock market's heights, and has reduced its stake in U.S. shares to 32.9% of total assets from 41.3% three years ago.
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BUSINESS
January 7, 2000 | SHARON BERNSTEIN, TIMES STAFF WRITER
The state's influential teachers pension fund voted Thursday to develop a model under which public school teachers could receive health benefits directly from doctors, rather than buying insurance through a traditional health plan.
BUSINESS
April 17, 2003 | Kathy M. Kristof, Times Staff Writer
California Treasurer Phil Angelides is urging the state's two biggest public pension systems to pay more attention to executive pay. Angelides on Wednesday sent letters to the investment committees of the California Public Employees' Retirement System and the California State Teachers' Retirement System, asking them to use their muscle as major shareholders to vote against any company compensation plan that would give managers dramatically more stock than lower-level employees.
BUSINESS
February 26, 2002 | Diane Wedner
The California State Teachers' Retirement System filed a motion Monday to be named lead plaintiff in nearly 20 consolidated lawsuits against Homestore.com Inc. and several former executives. The move is another example of pension funds seeking to spearhead efforts to recover damages from companies alleged to have used phony accounting to attract investors. Major pension funds also are aggressively seeking damages from Enron Corp.
BUSINESS
December 11, 2002 | Lisa Girion, Times Staff Writer
The California State Teachers' Retirement System filed suit Tuesday against Qwest Communications International Inc., blaming the pension fund's $150-million investment loss on the telecom- munications company's alleged improper accounting practices. Those practices are under investigation by the Securities and Exchange Commission and the Justice Department.
BUSINESS
July 26, 2002 | DEBORA VRANA, TIMES STAFF WRITER
State Treasurer Phil Angelides called on California's two largest pension funds Thursday to stop investing in companies that move their headquarters offshore to avoid paying taxes, and said the state would blacklist those firms. In recent years, a growing number of U.S. companies, such as conglomerate Tyco International Ltd., manufacturer Ingersoll-Rand Co. and Xoma Corp., a biotech firm, have reincorporated in Bermuda or the Cayman Islands.
BUSINESS
November 19, 1997 | JUAN HOVEY
Two new venture capital funds with $90 million to invest hope to begin funding businesses in Southern California in the coming months. In addition, the $68-billion California State Teachers' Retirement System decided last spring to increase its venture capital investment by $300 million nationwide, and some of this money will end up in Southern California businesses.
BUSINESS
May 10, 1997 | TOM PETRUNO, TIMES STAFF WRITER
The veteran chief investment officer of the $68-billion California State Teachers' Retirement System fund was replaced on Friday, a victim at least in part of his conservative investment philosophy in a roaring bull market. Thomas Flanigan, 56, who has overseen assets of the teachers' fund for 11 years, lost the position in competition with five other candidates, the CalSTRS board said. His successor will be Patrick Mitchell, 48, the fund's director of bond and stock investments.
BUSINESS
February 1, 1990 | MICHAEL FLAGG, TIMES STAFF WRITER
Northrop Corp. said Wednesday that it has agreed to sell its 53-acre defense plant complex here--the first aerospace facility built in Orange County nearly 40 years ago--and two Century City office towers, including its corporate headquarters, for more than $250 million. The Los Angeles-based aerospace giant said it would use the proceeds to pay part of its $1.2-billion debt. Like other defense contractors, Northrop in the past year has felt the pinch from cutbacks in federal defense spending.
CALIFORNIA | LOCAL
November 3, 1999 | DOUG SMITH, TIMES EDUCATION WRITER
The powerful Los Angeles teachers union has taken up a fight to end the investment of California teachers' retirement funds in tobacco companies. In the wake of a vote by its house of representatives, United Teachers-Los Angeles will urge the California State Teachers Retirement System to drop 19 tobacco companies from its portfolio of 3,000 American stocks.
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