Labor/Employment,
Government,
Civil Litigation
Oct. 20, 2021
Employees sue LA County over control of $74B retirement fund
Represented by Los Angeles attorneys Manuel “Manny” A. Abascal and Benjamin J. Hanelin of Latham & Watkins LLP, the association said in its complaint Monday that California law does not give the county the authority to veto decisions of its management and boards, as it tried to do earlier this month.
The Los Angeles County Employees Retirement Association sued to gain control of a $74 billion retirement fund after the county's board of supervisors blocked it from assigning and creating new positions and salaries this month.
As the largest county pension retirement system in the U.S., the association, called LACERA, has an annual budget of over $100 million, and over 400 employees who manage benefits and investment assets of more than ...
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