Pension Fund Joins UAL Suit: California’s state...

Pension Fund Joins UAL Suit: California’s state pension fund said it would join in a shareholder lawsuit against UAL Corp. over $76 million in fees paid for a failed management-led buyout of the airline last fall. Officials at the $56-billion California Public Employees’ Retirement System said the expenses from UAL’s unsuccessful buyout should have been paid by the buyout group, not by UAL, parent company of United Airlines. Shareholders sued, arguing that the payments were an improper use of corporate money by members of management.