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NAGER v. TEACHERS' RETIREMENT SYSTEM OF THE CITY OF NEW YORK

46 A.D.3d 488 (2007)

847 N.Y.S.2d 856

ARNOLD H. NAGER, Individually and on Behalf of All Others Similarly Situated, Appellants, v. TEACHERS' RETIREMENT SYSTEM OF THE CITY OF NEW YORK et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided December 27, 2007.

The trial court correctly found that the "intent and purposes" section of the legislation creating the Variable B annuity fund (L 1982, ch 735) did not impose a "mandate" on defendant Teachers' Retirement Board to invest in equities, that the Board did not act imprudently in deciding not to invest in equities, and that defendants disclosed to the System's members information about Variable B more than adequate to satisfy their fiduciary duties. We have considered and rejected...

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