The Implications of CalPERS v. ANZ


“The Implications of CalPERS v. ANZ” by Maya Saxena and Kathryn Weidner (co-authored with Catherine LaMarr and Karen Grenon from the Connecticut Office of the State Treasurer), published in The Nappa Report, October 2017.

For decades, investors have been able to watch from the sidelines  to decide whether to opt out of securities class action litigation and choose their own path. In the highly anticipated California Public Employees’ Retirement System v. ANZ Securities, Inc. (“CalPERS”)  decision, the Supreme Court has now forced institutional investors to enter the fray. The CalPERS decision will fundamentally change the way that public pension funds analyze potential cases, and as Justice Ginsburg cautioned in a notable dissent, it “impels courts and class counsel to take on a more active role in protecting class members’ opt-out rights.”

This article explores practical implications for pension funds, including a survey of what funds are doing to protect their claims in a post-CalPERS world.

Saxena White is proud to be among those who contributed to this project. For a full version of the paper, please contact co-author Maya Saxena.