Banks' Lehman Plan Bilks Retirees, CalPERS Claims

Law360, New York (April 26, 2011, 7:13 PM EDT) -- The California Public Employees’ Retirement System on Monday denounced the Chapter 11 plan Goldman Sachs International and other banks submitted in New York for the liquidation of Lehman Brothers Holdings Inc.

CalPERS, the nation’s largest public pension fund with approximately $236 billion in assets, wasted no time in condemning the plan put forward Monday by the banks. The latest plan rivals the debtor’s own proposal, as well as the ad hoc creditors’ plan, and intensifies the fight over the way to apportion billions of dollars from...
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