State officials file suit against two former CalPERS officials

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State authorities have filed a civil suit against two former CalPERS officials for their role in an alleged scheme to give pension officials lavish gifts in exchange for funneling business to investment firms.

State authorities announced the suit against former top California pension fund officials Federico Buenrostro Jr. and Alfred R. Villalobos on Wednesday.

Marc Lifsher reports, ‘The civil suit alleges that Buenrostro — chief executive of the powerful California Public Employees’ Retirement System from 2002 to 2008 — took tens of thousands of dollars’ worth of gifts from Villalobos, a former Los Angeles deputy mayor who now works as a go-between for investment firms.’

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-- Anthony York in Sacramento