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CalPERS Achieves $12.75M recovery from Ernst & Young LLP

The California Public Employees’ Retirement System (CalPERS) announced today that it had reached a $12.75 million settlement with Ernst & Young LLP (E&Y), the former auditor for Lehman Brothers (Lehman) with respect to claims arising out of CalPERS purchases of Lehman stock and bonds prior to the collapse of Lehman in 2008.