CalPERS criticises Goldman's Lehman plan
28 April 2011 Sacramento
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The California Public Employees鈥� Retirement System (CalPERS) has criticised the plan filed by Goldman Sachs and others for the liquidation of Lehman Brothers Holdings Inc. (LBHI).
鈥淭his plan treats members of pension funds, including retirees who hold LBHI bonds through their pension plans, unfairly,鈥� said Joseph Dear, CalPERS chief investment officer. 鈥淲e鈥檙e disappointed that Goldman Sachs and other big banks are proposing to reward themselves at the expense of bondholders. We want a fair outcome for all stakeholders, which is why the Ad Hoc Group of Lehman Brothers Creditors filed its competing plan in December 2010.鈥�
The fund argues that the liquidation plan filed in December by the Ad Hoc Group of bondholders, which includes CalPERS, would more fairly repay creditors for losses suffered following the collapse of Lehman Brothers in September 2008.
鈥淭his plan treats members of pension funds, including retirees who hold LBHI bonds through their pension plans, unfairly,鈥� said Joseph Dear, CalPERS chief investment officer. 鈥淲e鈥檙e disappointed that Goldman Sachs and other big banks are proposing to reward themselves at the expense of bondholders. We want a fair outcome for all stakeholders, which is why the Ad Hoc Group of Lehman Brothers Creditors filed its competing plan in December 2010.鈥�
The fund argues that the liquidation plan filed in December by the Ad Hoc Group of bondholders, which includes CalPERS, would more fairly repay creditors for losses suffered following the collapse of Lehman Brothers in September 2008.
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