Ex-CalPERS Execs Hit With $95M Pay-To-Play Suit

Law360, New York (May 6, 2010, 5:35 PM EDT) -- California Attorney General Jerry Brown has launched a $95 million civil fraud suit against former California Public Employees Retirement System board member Alfred Villalobos, his company Arvco Capital Research and former CalPERS CEO Federico Buenrostro, alleging they made misrepresentations, fudged forms and committed other offenses.

In the suit filed Wednesday in the Los Angeles County Superior Court, Brown accuses the former CalPERS executives of misrepresenting their securities credentials and loyalty to the law, accepting and giving improper gifts, submitting bogus disclosure forms, and exerting improper influence...
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