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Case of Pension Fund Trustees and Conflict of Interest Now Pending Review by California Supreme Court
Cypen & Cypen [Guidance Overview] Feb. 25, 2008 Excerpt: Pensions & Investments reports on a California court ruling that allegedly has pension fund trustees in that state -- and across the country -- walking out of board votes rather than risking charges of conflict of interest. The ruling by California's Fourth District Court of Appeal found that trustees, who are often participants in the retirement systems on whose board they serve, can be criminally liable if they approve a measure that even tangentially provides them a personal benefit. |
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