Ms. Reiser’s panel program, entitled “Pension System Participation Class Action Lawsuits,” focuses on important considerations for a pension system when it determines whether to participate as a lead or co-lead plaintiff in class action lawsuit, including:
Board policies defining the circumstances under which the system will participate;
What it means/what duties are assumed when the pension system is appointed as lead plaintiff; weighing the pension system's paramount fiduciary duty to the system's members against the duty owed to the class members;
Setting (and managing) reasonable expectations regarding recovery of losses and the internal resources that will need to be (must be?) dedicated to effective prosecution of the action;
The involvement of the retirement board in oversight of the litigation, litigation strategy decisions, and settlement discussions;
The role of the system's general counsel in these matters; and
Additional considerations when your system is a co-lead plaintiff.
More information on the NAPPA 2020 Winter Seminar can be found here.