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 In conjunction with the case-by-case evaluation process, CalPERS may utilize outside counsel. CalPERS currently contracts with three different firms that may serve as "litigation consultant" in a particular case. This counsel assists in-house counsel and investment staff in evaluating CalPERS' potential involvement in securities litigation (for ultimate recommendation to the Investment Committee). To ensure complete objectivity, counsel consulting on a particular case is ineligible to serve as litigation counsel for the same case. In the event in-house counsel and investment staff, with the input of a litigation consultant, make a decision to recommend involvement in a securities case to the Investment Committee, CalPERS staff will first ask for a strategy memorandum and a proposed billing structure from a pool of six law firms that has been assembled by CalPERS. After reviewing the quality of the strategy memorandum and the proposed bill structure, CalPERS staff will select a law firm to represent CalPERS in the event the Investment Committee agrees with staff's recommendation. |
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