CALAPRS Attorneys' Roundtable
Ashley Dunning and Courtney Krause presented at the California Association of Public Retirement Systems (CALAPRS) Attorneys’ Roundtable in Oakland on October 25, 2019.
From 12:45 to 1:45 p.m., Ashley presented “Practical Considerations for California Retirement Systems After the Supreme Court Rules in Alameda.” Ashley discussed factual background to the three consolidated cases involved in the Alameda case that is pending before the California Supreme Court. She then described some key legal issues before the Supreme Court in the case. The Court’s conclusions on those factual and legal points will need to be carefully assessed as other California public retirement systems consider the potential impact on them of whatever decision the Court may render. The Court is expected to decide Alameda sometime in 2020.
Then, from 2:15 to 3:15 p.m., Courtney spoke on “Developments with Subscription Agreements.” Courtney discussed issues that arise in alternative investment subscription agreements and booklets. Courtney outlined common legal issues to look for in the agreement portion of subscription documents and how to attempt to resolve those issues in side letters. She also discussed the elements of the subscription questionnaire and “know-your-customer” documentation, including tips for working with off-shore administrators.
