A group of seven public pension systems has asked four U.S. banks to review their mortgage and foreclosure practices, Reuters reports. The coalition has contacted the Audit Committees of Bank of America, Citigroup, JP Morgan Chase and Wells Fargo to launch independent examinations and report the findings in their 2011 proxy statements this spring.
The group includes the New York City Pension Funds being represented by New York City Comptroller, John Liu. It also consists of the Connecticut Retirement Plans and Trust Funds, the Illinois State Board of Investments, the Illinois State Universities Retirement System, the New York State Common Retirement Fund, the North Carolina Retirement Systems and the Oregon Public Employees’ Retirement Fund.
Click here for the story from Reuters.
Click here for additional coverage from Financial Times.