Page:Amicus brief - Stoneridge v Scientific-Atlanta - California State Teachers’ Retirement System.pdf/9

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The California State Teachers’ Retirement System ("CalSTRS") is the second largest public pension fund in the United States. CalSTRS manages the retirement funds for California’s public school teachers from kindergarten through community college. CalSTRS has a total membership of approximately 800,000, and assets of approximately $171.1 billion. The mission of CalSTRS is to secure the financial future and to sustain the trust of California’s educators. As part of this mission, CalSTRS is committed to taking steps to enhance corporate governance and the integrity of the securities markets. The integrity of the securities markets is vital to CalSTRS’ mission.

Income to CalSTRS comes from member contributions, school district contributions, investment earnings, and appropriations from the General Fund of the State of California. Like other public pension funds, CalSTRS is obligated to provide guaranteed benefits to its members. As a result, investment losses caused by securities fraud create burdens on all taxpayers.

CalSTRS is the lead plaintiff in the PSLRA class action In re Homestore.com Securities Litig., C.D. Cal. case no. cv 01-11115 SVW. Homestore.com was a company that engaged