Some pension funds file appeal against Cendant
Pension funds in New York and California, said today that it has recourse against the Cendant Corporation, recharging station that the economy and misled consumers ventures with investors on their financial results.
In a statement, the California Public Employees’ Retirement System, known as Calpers, the New York State Common Retirement Fund and New York, several pension funds, said the costumes were the USA in the courts District of New Jersey, Pennsylvania and Connecticut.
Cendant, headquartered in Stamford, Conn., was taken with a number of complaints by shareholders of the company, said in mid-April, she recalls that its results for 1997 and perhaps also the results of previous years.
Cendant was $ 18 billion from the merger of CUC International Inc. and HFS Inc. in
Cendant said it would have resulted in an adjustment of results after the discovery of systematic accounting fraud at CUC entrepreneurs. The appeals argue that former officers and directors of Cendant introduced intentions to sell or sell more than four million shares of Cendant common pool before false and misleading to investors on financial results. Calpers and New York state and city funds feel they have lost million as a result of Cendant’s alleged error.
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