LACERS (L.A. City Pension Fund) Has CLOSED SESSION MEETING, Today, To "Confer With Counsel Regarding Potential Initiation of Litigation" (Is SEC Litigation Being Intiatied Against LACERS?)

LACERS (Los Angeles City Employee's Retirement System)
SPECIAL MEETING
THURSDAY, MAY 19, 2011
TIME: 3:00 P.M.
MEETING LOCATION:
LACERS Boardroom
360 East Second Street, Eighth Floor
Los Angeles, California 90012

I. PUBLIC COMMENTS ON MATTERS WITHIN THE BOARD'S JURISDICTION

II. INVESTMENTS
A. CLOSED SESSION PURSUANT TO GOVERNMENT CODE SECTION 54956.9(C)
TO CONFER WITH COUNSEL REGARDING POTENTIAL INITIATION OF LITIGATION
(ONE CASE)

III. OTHER BUSINESS

V. ADJOURNMENT

The only thing I am not sure of by reading this is, is LACERS initiating the litigation over investments, or is someone else, like the SEC and/or Federal Government initiating the litigation on LACERS?  After all, Villaraigosa's LACER commission appointees DID manage to lose over -20% of the fund in a two year period. (It was supposed to be an 8% gain, each year.) It all adds up to billions, and it has to be covered out of L.A. City's general fund, which is why we are having all of these budget crisis meetings at City Hall, now. And it has been discovered that many of Villar's cronies, backers and appointees have been taken down by Andrew Cuomo over pension fraud. And I'm sure a lot of those people who got busted and who took deals to prevent from going to jail, have a lot to add to my own blogging on the matter. So it wouldn't surprise me if this litigation was because LACERS is the one getting litigated against. (But I'm still not sure. Any clarifications?)