city or -- other calpers have done the same. we should explore vesting, we should benchmark against other cities or districts in the state. i think the city found that its liability was much -- it could manage the growth of its liabilities significantly by changing the vesting. obviously different for a 29,000 person organization than one that has a dozen people, but still a good practice. >> certainly, that's absolutely something we could look at for new agreements looking forward. we don't, because we are so small, tend to hire very often but we certainly can take a look at that. whether new employees have a vesting requirement or not we would certainly still recommend pre-funding the liability through this trust. >> can we thin item for a month while we figure that out? because i would figure more comfortable if kupb sifrt stepbt with the city. >> we can. i would say those that making a change to the template of the employment agreement wouldn't change the agreement with calpers and it wouldn't change our liability. the actua

standard and poor's reached a similar case with calpers back in february for $125 million. >>> nasdaqs buying international securities exchange from deutsche boerse. the price tag is $1.1 billion. of course, very relevant to the ongoing debate about what happens to the london stock exchange. >> consolidation in that area. >>> bank of america reportedly hiring a new team of investment bankers. reuters saying this group will cater to midsize companies. the bank has been focusing on areas where it believes it can gain market share. >>> now it is time for today's top trending stories. new rankings of this year's most expensive cities. singapore still topping the list. hong kong climbed seven places to tie for second place with zurich. the annual economist and intelligence unit survey also showed paris slipping three places. >> i wonder if london is going to get increasingly cheap if the pound slides. new york is pretty expensive too. >> you're just learning that. >> right. >> just renting a new apartment here. >> particularly the rent. >>> mcdonald's is expanding its all-day breakfast men

investors including calpers filing a multibillion dollar lawsuit against volkswagen in the german courts breached its duty to shareholders as part of the vw's emissions scandal. joining us from southern germany is the lawyer representing those international investors, andreas tilp. what is the central accusations you're making in the suit? >> good morning, mr. hobbs. we filed that lawsuit on behalf of breaches of duty of volkswagen since june 6, 2008. the lawsuit is based on law and on breach in duties under the german securities trading act. >> why would international investors file in the german courts? wouldn't they get more money in the united states? >> no, the point is -- you're familiar with the supreme court decision in morrison versus national bank of australia from june 2010. that means investors cannot sue in the u.s. if he has bought the shares outside u.s. so there is a need for all the american and other worldwide investors to sue in germany. you can only sue in the u.s. for example on behalf of adr shares, but that's very small position. the bigger position, the biggest po

city or -- other calpers have done the same. we should explore vesting, we should benchmark against other cities or districts in the state. i think the city found that its liability was much -- it could manage the growth of its liabilities significantly by changing the vesting. obviously different for a 29,000 person organization than one that has a dozen people, but still a good practice. >> certainly, that's absolutely something we could look at for new agreements looking forward. we don't, because we are so small, tend to hire very often but we certainly can take a look at that. whether new employees have a vesting requirement or not we would certainly still recommend pre-funding the liability through this trust. >> can we thin item for a month while we figure that out? because i would figure more comfortable if kupb sifrt stepbt with the city. >> we can. i would say those that making a change to the template of the employment agreement wouldn't change the agreement with calpers and it wouldn't change our liability. the actua

like go ahead. >> so in the insurance industry and the 10 county with the 10 county average within calpers the data is in your packet a retiree only is one a retiree plus 2 is two and retiree plus 2 or more is 3 so the ratio 2 to 203 for example, the only premium was one thousand dollars plus one independent is 3 thousand and the retiree plus or more is $3,000 each person costs one thousand dollars so a matter of long term practice h ss applies those ratios of relative it's and at some point the standards were changed to apply them only to active all of the city plan members and 64 plus members so they were specifically changed for the early retirees and kaiser and blue shield and they were changed rather than 1, 2, 3 therapy changed for blue shield is one to 1.4.4 to one .81 and kaiser is one to 1.4 to one point and there is others close to 2 and this is close to 3 that is highlighted on the chart on the next chart on the next page. >> if you look at the bottom and look at it city plan it is 1 to one .96 or round up to 3 and one to one .9 to 2.84 and rounded up and 65 plus is there it is

. >>> also, moody's will be paying calpers $130 million to settle a lawsuit over grades the rating agency gave residential mortgage securities. they reached a similar settlement with moody's last year. >>> also, valeant and rno have settled a series of lawsuits. making a payment of an undisclosed amount to valeant. >>> all right. another check on the markets this morning. as we showed you, the futures are slightly positive ahead of that decision from the ecb. the dow futures up by about 21 points. s&p futures up by 3.5. the that's dnasdaq up by about . when things closed yesterday, the dow closed higher, as did the s&p 500. take a look quickly in europe. again, this is ahead of that ecb decision coming at 7:45. the question is, will there be additional stimulus added? right now markets are relatively flat ahead of that with the dax and cac sitting just below -- trading just below the flat line. the ftse down by about half a percent. in asia overnight, we saw that the nikkei ended up by 1.25%. the shanghai composite was down by 2%. we took a look at oil prices. this was the big story yeste

>> calpers courts have removed themselves i don't blame the two parties to causally remove themselvesnd then has responded to the grotesque setting but nobody has that separation to not say who wins or loses but as they pull themselves out of the you have the increase there are plenty of principled people in congress. there are. those they care deeply about the constitution is a the courts to magnify these problems. the good thing about the hca case that congress had standing. then it has grown to a point but you cannot think of anyone who would meet that standard. so i do think many problems today. >> but basically congress has to defend itself. is the core of this conflict that is how does bin to the extent that it has been resolved with congress standing up a little sea out in a court tsa this is what you have to obey. they are maintained in part by the supreme court it has to be maintained by the institutions using all the resources is that they have as they interpret and defend them. increase stuck to that since then. if you want to have a real war. into come to congress. said wh