U.S. top court buries CalPERS suit over Lehman collapse

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A retired state employee seeks retirement advice at California Public Employees' Retirement System (CalPERS) headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS/Max Whittaker - RTSYPE2

The U.S. Supreme Court on Monday upheld the dismissal of a securities fraud lawsuit by a big California pension fund against banks in the wake of the 2008 collapse of investment bank Lehman Brothers, ruling the fund waited too long to sue.

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The justices ruled 5-4 at a New York federal appeals court was correct in throwing out the California Public Employees' Retirement System's suit because a class action case the fund had temporarily participated in did not extend the deadline for it to sue on its own.

(Reporting by Andrew Chung; Editing by Will Dunham)

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