{"id":34320,"date":"2014-05-06T07:36:37","date_gmt":"2014-05-06T05:36:37","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/calpers-achieves-12-75m-recovery-from-ernst-young-llp\/"},"modified":"2014-05-06T07:36:37","modified_gmt":"2014-05-06T05:36:37","slug":"calpers-achieves-12-75m-recovery-from-ernst-young-llp","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/calpers-achieves-12-75m-recovery-from-ernst-young-llp\/","title":{"rendered":"CalPERS Achieves $12.75M recovery from Ernst &#038; Young LLP"},"content":{"rendered":"<p>CalPERS opted out of a class action against Lehman\u2019s former top executives, directors, E&#038;Y and various underwriters and filed its own action in February 2011 over allegedly false statements about Lehman\u2019s financial condition which caused Lehman securities to trade at artificially inflated prices.<\/p>\n<p>The E&#038;Y settlement comes on top of previous recoveries achieved by CalPERS in this action. The pension fund earlier settled with Lehman\u2019s officers and directors for $11 million in October 2011. CalPERS also settled its claims against two underwriters &#8211; Cabrera Capital and Loop Capital Markets LLC &#8211; for a total of $4.6 million in June and November 2013.<\/p>\n<p>The E&#038;Y recovery is far larger than the recovery CalPERS would have obtained had it remained in the class action. The amount paid by E&#038;Y to CalPERS is equal to almost 13 percent of the total amount E&#038;Y paid to settle with the entire class CalPERS opted out of &#8211; a class which included thousands of members with tens of billions of dollars of claimed damages.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The California Public Employees\u2019 Retirement System (CalPERS) announced today that it had reached a $12.75 million settlement with Ernst &#038; Young LLP (E&#038;Y), the former auditor for Lehman Brothers (Lehman) with respect to claims arising out of CalPERS purchases of Lehman stock and bonds prior to the collapse of Lehman in 2008.<\/p>\n","protected":false},"author":20,"featured_media":34318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1651,1437,2094,2007],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/34320"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=34320"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/34320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/34318"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=34320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=34320"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=34320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}