Victory for CalSTRS in court case

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US - A US court has issued a ruling requiring the State of California to pay the California State Teachers' Retirement System (CalSTRS) US$500m plus interest, regarding a withheld payment for the fiscal year 2003-2004.

A three-member panel from the Third District Court of Appeal in Sacramento unanimously decided the state had violated its contractual obligation to the $169bn pension fund when it withheld its cont...

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