CALIFORNIA | LOCAL
October 27, 2004 |
A decision to liquidate $318 million in investments by the Los Angeles city pension fund amid conflict-of-interest allegations could cost from $30,000 to $3 million, a consultant for the fund warned Tuesday. Based on the history of such large liquidations, Allan Emkin of Pension Consulting Alliance told the city's pension board that transaction costs of $3 million would be the worst-case scenario, with $30,000 to $60,000 being the best-case scenario.
January 15, 2004 |
Another California public pension fund called on the supermarket chains to end a 3-month-old strike and lockout that the fund says is harming its investments in the chains. The Los Angeles County Employees Retirement Assn. voted to urge the stores -- Safeway Inc., which owns Vons and Pavilions; Kroger Co., the parent of Ralphs; and Albertsons Inc. -- to solve their dispute with the United Food and Commercial Workers union.
December 13, 2002 |
Several top executives of Enterasys Networks Inc. orchestrated phony deals and engaged in accounting trickery to inflate revenue, an expanded stockholders' lawsuit charges. Investors, led by the Los Angeles County Employees Retirement Assn., broadened their lawsuit this week to include a claim that several top Enterasys executives belonged to a "special teams unit" that met regularly to plan deceptive maneuvers. The suit said the information came from former employees whom it did not identify.
April 8, 1998 |
Two 20-year-old "calculation errors" that only recently came to light have socked Los Angeles County's mammoth pension system with $1.2 billion in unforeseen liabilities, and will probably force cash-strapped county officials to spend an additional $25 million a year to make up for insufficient contributions to the fund. Officials of the Los Angeles County Employees Retirement Assn.
October 3, 1994 |
Ritz-Carlton Huntington Hotel Sale Completed: The $14.3-billion Los Angeles County Employees Retirement Assn. confirmed that it completed the purchase of the venerable Ritz-Carlton Huntington Hotel in Pasadena from Dai-Ichi Kangyo Bank Ltd. of Japan. Brentwood-based Lowe Enterprises Inc., an investment manager for the fund, handled the $40-million to $45-million sale for the fund, said Ted Leary, president of Lowe Enterprises Investment Management, Lowe's pension fund advising subsidiary.
August 13, 1994 |
The Los Angeles County Employees Retirement Assn., the state's fourth-largest public pension fund, made the winning bid for the landmark Ritz-Carlton, Huntington Hotel in Pasadena, sources close to the deal confirmed Friday. The sources, who asked not to be identified, confirmed that the winning bid of between $40 million and $45 million came from investors led by the Pasadena-based $14.3-billion pension fund that covers 80,000 county employees and 40,000 retirees.