Administration November 9, 2003

Teachers' of Louisiana Awards Mellon Custody Contract

September 11, 2003 (PLANSPONSOR.com) - Mellon Global Securities Services (GSS) has been tapped to provide custody services for the $11-billion Teachers' Retirement System of Louisiana (TRSL).
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Per the terms of the contract, Mellon will provide domestic and global trust and custody and cash management.   Additionally, Russell/Mellon Analytical Services will supply performance measurement and analytics to Louisiana’s largest public retirement system, according to a news release.

The $11 billion retirement system has been in the news a lot recently.   Earlier this week, TRSL announced the filing of a lawsuit against the directors of HealthSouth Corp pointing to a long-list of self-dealing transactions and corporate governance lapses (See  Louisiana Retirement System Sticks HealthSouth With Lawsuit ).

Last month, the system reached a settlement with Siebel Systems over alleged excessive executive compensation after the retirement system accused the company directors of violating company rules for granting options, both by exceeding the cap set on the number of options it was allowed to grant, and in some cases issuing options at below market value without expensing the difference in price (See  Siebel Corporate Reforms Set in Pension Fund Suit Settlement ).

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