CalPERS Duped Long-Term Care Policyholders, Suit Says

Law360, Los Angeles (August 7, 2013, 5:51 PM EDT) -- The California Public Employees' Retirement Fund was hit with a putative class action on Tuesday in California state court, alleging it breached its contracts with more than 100,000 long-term care insurance policyholders by deliberately misleading them over the strength of its investment program.

In 24-page complaint filed in Los Angeles County Superior Court, plaintiffs Elma Sanchez and Holly Wedding allege that CalPERS broke its promises to them and other policyholders that the policies would be “reasonably priced” and that rates “would be fixed and would never rise based on the consumer's age or health.”

Earlier this year, CalPERS hiked rates by...

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