Hedge Funds

CalPERS sues over fee disclosure


In a sign that fee arrangements of hedge fund groups that accept public pension money are facing further scrutiny, the California Public Employees' Retirement System has been slapped with a suit by an activist group.

The group, called the California First Amendment Coalition, ostensibly representing California taxpayers, has sued the $166 billion pension fund with the intention of forcing CalPERS to reveal fees paid to alternative investment groups, such as hedge funds and venture funds running cash for the nation's largest municipal pension system. The suit was filed in state court in San Francisco.

Legal experts will be sure to