After being served with the Class Action complaint, CalPers promptly filed a Motion to Dismiss the case. Before the court could rule on this motion, the plaintiffs filed an amended complaint that adds additional parties and claims. In the new, amended complaint [click here], the plaintiffs added a claim for Breach of Fiduciary Duty and named all of the current CalPers Board Members as individual defendants. Additionally, the new complaint adds as a defendant Towers Watson, a large financial services company that provided actuarial services to CalPers to help it set the rates for its Long Term Care plan. The complaint alleges that Towers Watson negligently performed this service and, as such, is liable to the class.
We expect CalPers to file another motion to dismiss the new Amended Complaint within the next 30 days and that the court would rule on the motion by the Spring of 2014.