Baker McKenzie client Pension Consulting Alliance, Inc (PCA), a general pension fund consultant, has prevailed in a long-running case in Los Angeles Superior Court related to $95 million in losses sustained to the Los Angeles City Employees' Retirement Systems (LACERS) securities lending portfolio.
The Los Angeles City Attorney filed statutory claims for allegedly unfair practices in 2012, naming both PCA and another party acting exclusively for LACERS. Adopting Baker McKenzie's arguments, last week a trial judge ruled that the claims against PCA under California's Unfair Competition Law, which amounted to a disputed breach of contract claim, could not be sustained as a matter of California law.
"We are very pleased for our client to be able to secure a full win in this matter," said Mark Karasik, a Partner in Baker McKenzie's Litigation & Government Enforcement Practice. "We had top flight litigators on this case with deep knowledge and experience, and that was critical to our success."
The Baker McKenzie team was comprised of Mark Karasik, Colin Murray, Barrie Brejcha and Kyle Olson.