SACRAMENTO, Calif. (AP) — The nation's largest public pension fund announced Tuesday it is suing the New York Stock Exchange and seven trading firms, alleging fraudulent practices cost it millions of dollars.
The $154 billion California Public Employees Retirement System represents an estimated 1.4 million members.
The class-action lawsuit names seven specialist trading firms that it claims defrauded the pension fund, which has $60 billion invested on Wall Street. Specialist firms match buyers and sellers on the NYSE floor.