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BUSINESS
February 25, 2010 | By Marc Lifsher
More than two years after California required the sale of investments in foreign companies operating in Iran's defense and energy industries, the state's biggest public pension fund still hasn't sold any of its $900 million in holdings in those firms. On Wednesday, legislators heard criticism from Jewish groups and an Iranian torture victim contending that the California Public Employees' Retirement System and to a lesser extent the State Teachers' Retirement System are flouting a 2007 law designed to bring pressure on the Islamic Republic.
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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
July 24, 2007 | Walter Hamilton, Times Staff Writer
The pension funds for California public employees and teachers posted above-average returns in the last year thanks to large holdings in overseas stocks and private equity, data released Monday showed. The California Public Employees' Retirement System said its investment portfolio returned 19.1% in the fiscal year ended June 30. The California State Teachers' Retirement System posted a 21% gain.
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
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
March 4, 2004 | Marc Lifsher, Times Staff Writer
The $115-billion California State Teachers' Retirement System on Wednesday adopted a new set of governance and disclosure standards for mutual funds that receive investments from the nation's third-largest pension fund. The standards, proposed by state Treasurer Phil Angelides in the wake of a series of mutual fund scandals around the nation, require fuller disclosure of expenses and fees charged by fund managers.
BUSINESS
June 4, 2004 | From Bloomberg News
A U.S. government proposal to let investors opt for faster trades rather than wait for the best price would set a standard that protects shareholders, the California State Teachers' Retirement System said Thursday. The Securities and Exchange Commission is considering relaxing the so-called trade-through requirement that exchanges find the best price for investors.
BUSINESS
April 7, 2006 | Marc Lifsher, Times Staff Writer
The California State Teachers' Retirement System will sell its holdings in five foreign energy companies that do business in Sudan to protest human rights abuses in the African nation's Darfur region. On a 9-0 vote Thursday, the board of CalSTRS, the nation's second-largest public pension fund, directed its staff to plan for the divestment of the approximately $14 million worth of stock the fund currently holds in the companies. The holdings could be sold as early as June.
BUSINESS
December 5, 2000 | BRAD BERTON, SPECIAL TO THE TIMES
The California State Teachers' Retirement System has purchased nearly 400,000 square feet of office properties along Town Center Drive in Valencia for $72.3 million in cash. CalSTRS, through an investment program managed by Los Angeles-based Thomas Properties Group, purchased four buildings, including Princess Cruises' headquarters, from Newhall Land & Farming Co., the Santa Clarita Valley's biggest land developer. Newhall Land reported that the sale price is $7.
BUSINESS
November 5, 2003 | Tom Petruno, Times Staff Writer
The widening mutual fund trading investigation has created a quandary for many pension plan administrators: They face pressure to fire money management firms that have been implicated but not proved guilty of an offense. What's more, dumping one manager for another may be hazardous because it isn't clear how many fund companies may be charged with wrongdoing before the probe runs its course.
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