Investment Analyst Sues California Pension Plan for Retaliation and Racial Discrimination

According to the AI CIO, an investment analyst for the Alameda County Employees’ Retirement Association has filed a lawsuit alleging that the public pension plan threatened to fire him after he accused the fund’s chief investment officer of falsifying time slips to receive full pay while actually taking a vacation. The lawsuit filed in Alameda County Superior Court by Anthony Macaulay alleges that CIO Betty Tse received more than $14,000 for time worked when she was actually on a vacation. Macaulay raised the alarms about the improper time slips and was given a notice of dismissal, though after he filed an internal complain he was placed on paid administrative leave.

Macaulay seeks job reinstatement and unspecified damages to be determined by a jury. Macaulay has also accused the public pension plan of racial discrimination and retaliation. Tse almost immediately set a clear case of retaliation after Macaulay spoke up about what he saw as fraudulent activity.

ACERA is not the only California public pension fund to wrestle with an employment lawsuit. Jeffrey Baker, an investment officer at the San Diego County Employees Retirement Association claimed in a lawsuit that his job was terminated because he raised concerns over outside consultant Lee Partridge’s risk limits. Baker alleged that Partridge breached the limits of its role, assuming excessive risk in its emerging markets and bond portfolio, risks that went beyond what the board of trustees allowed.

Kesluk, Silverstein & Jacob – Los Angeles employment attorney



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