LOS ANGELES—The nation’s largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums, it was announced Tuesday.
The California Public Employees’ Retirement System, or CalPERS, has agreed to settle a class-action lawsuit over the fee hikes that were imposed on nearly 80,000 people who paid for policies to cover the long-term costs of nursing care and included “inflation-protection” coverage, according to a joint news release from CalPERS and the plaintiffs.
