The California Public Employees’ Retirement System (CalPERS) issued the following statement today concerning the plan filed by Goldman Sachs and others for the liquidation of Lehman Brothers Holdings Inc. (LBHI).
“This plan treats members of pension funds, including retirees who hold LBHI bonds through their pension plans, unfairly,” said Joseph Dear, CalPERS Chief Investment Officer. “We’re disappointed that Goldman Sachs and other big banks are proposing to reward themselves at the expense of bondholders. We want a fair outcome for all stakeholders, which is why the Ad Hoc Group of Lehman Brothers Creditors filed its competing plan in December 2010.”
The liquidation plan filed in December by the Ad Hoc Group of bondholders, which includes CalPERS, would more fairly repay creditors for losses suffered following the collapse of Lehman Brothers in September 2008.
CalPERS is the nation’s largest public pension fund with approximately $236 billion in assets. It administers retirement benefits for more than 1.6 million active and retired State, public school and local public employees and their families, and health benefits for 1.3 million enrollees. For more CalPERS information, visit www.calpers.ca.gov.
