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CAL. RETIREMENT v. SHEARMAN

95 N.Y.2d 427 (2000)

741 N.E.2d 101

718 N.Y.S.2d 256

STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM, Appellant, v. SHEARMAN & STERLING, Respondent.

Court of Appeals of the State of New York.

Decided November 16, 2000.

Attorney(s) appearing for the Case

Layton Brooks & Hecht, L. L. P., New York City (Kenneth R. Puhala and Theodore L. Hecht of counsel), for appellant.

Wachtell, Lipton, Rosen & Katz, New York City (Paul Vizcarrondo, Jr., and David L. Elsberg of counsel), for respondent.

Chief Judge KAYE and Judges SMITH, LEVINE and CIPARICK concur; Judge Rosenblatt taking no part.

OPINION OF THE COURT

WESLEY, J.

Plaintiff California Public Employees' Retirement System (CalPERS) is the largest public pension and health system in the United States. In 1988, CalPERS and Equitable Real Estate Investment Management, Inc. entered a "Correspondent Agreement for Commercial Property Loans." Under the Correspondent Agreement, Equitable originates and closes commercial property loans for sale...

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