Over the weekend, John Ortiz at The Sacramento Bee reported:
“Federal investigators are looking into allegations that CalPERS violated insider trading laws this year when it purchased $26.6 million in restricted stock and then decided it didn’t need to reverse the trades when they were discovered.”Readers may recall that in 2005, the Securities and Exchange Commission issued a Section 21(a) report with respect to the The Retirement Systems of Alabama (RSA). At the time, RSA had no policies prohibiting insider trading. Notably, RSA had entered into a written non-disclosure agreement with the issuer that specifically prohibited trading in reliance on material, non-public information.
CalPERS issued a response that essentially denied the existence of any material, non-public information