LOS ANGELES (AP) — The Los Angeles city attorney has sued a major financial institution, alleging its investment practices cost the city's pension fund $95 million.
The lawsuit filed Wednesday alleges that Northern Trust Corporation participated in unlawful business practices and violated the False Claims Act with the investment of funds held by the Los Angeles City Employees Retirement System.
LACERS manages retirement benefits for more than 43,000 public employees. Northern Trust has acted as the primary custodian and investment manager for LACERS since 1991.
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