February 26, 2002 |
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.
December 11, 2002 |
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.
July 26, 2002 |
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.
May 10, 1997 |
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.
February 1, 1990 |
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 |
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.
October 22, 1987 |
Officials of California's State Teachers Retirement System said Wednesday that the giant pension fund lost $3.6 billion in the stock market's steep decline earlier this week, but they insisted that the fund remains strong and benefits are protected.
January 31, 1991 |
State Health Director Kenneth W. Kizer has asked California's universities and major pension funds to sell off stock in tobacco companies, becoming the first state health official in the country to publicly advocate divestiture. The move is seen as an attempt by Kizer to widen the state's ambitious anti-smoking campaign by increasing the financial pressure on cigarette makers. Kizer's stance was hailed Wednesday by anti-smoking activists nationally.
August 14, 2003 |
Homestore Inc. said Wednesday that it would pay $13 million in cash and hand over 20 million shares to settle a stockholders' lawsuit over a scam that puffed up the Internet real estate firm's revenue in 2000 and 2001 as the dot-com balloon began to deflate. The settlement, valued at $71 million based on Homestore's Wednesday closing price of $2.90, was negotiated with the California State Teachers' Retirement System, the lead plaintiff.
September 4, 1994 |
Recent problems involving a $1-billion California investment pool for teachers shed light on how teachers fund their retirement savings. A civil lawsuit filed last month alleges that Newport Beach-based Teachers Management & Investment Corp. lost $100 million of clients' retirement money through fraud. But TMI's owners blame hard economic times for depressing the value of the fund's holdings. Either way, many teachers--including many who never dealt with TMI--are nervous.