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California pension fund agrees to $2.7 billion lawsuit deal
The United States largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums
ByThe Associated Press
• 3 min read
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LOS ANGELES The nation’s largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums, it was announced Tuesday.
The California Public Employees’ Retirement System, or CalPERS, has agreed to settle a class-action lawsuit over the fee hikes that were imposed on nearly 80,000 people who paid for policies to cover the long-term costs of nursing care and included “inflation-protection” coverage, according to a joint news release from CalPERS and the plaintiffs.