CalPERS recoups Lehman crash loses as taxpayers face higher cost

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US - The California Public Employees' Retirement System (CalPERS), the largest US public pension, is now worth just as much as when Lehman Brothers Holdings went bankrupt in 2008 and wiped out $6.8trn in US stock-market value in six months.

Even with the gain, CalPERS today has only about 70% of the money it needs to cover benefits promised to government workers. The pension fund, which lost almost a third of its value in the crash, h...

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