Kudos to Calpers, one of the few money managers that will stand up for investors. This time the target is the NYSE.
CalPERS' suit charges the NYSE and specialist firms with fraud, alleging that the exchange skirted its regulatory duties and allowed its members to trade stocks at the expense of investors. The NYSE "not only knew about these problems, but it perpetuated them and profited from them," Sean Harrigan, CalPERS board president, said at a press conference announcing the suit. "We're filing a landmark lawsuit to recover losses and to right a serious wrong." A spokesperson for the stock exchange said it had no comment on the suit.
I don't know much about the situation, but I am glad to see Calpers questioning the status quo.