Justices Deny Look at Lennar’s Alleged $1 Billion CalPERS Fraud

An organization representing California residents and public pensioners lost its bid for the U.S. Supreme Court to review a bankruptcy court decision blocking claims that home builder Lennar Corp. allegedly defrauded the California Public Employees’ Retirement System of nearly $1 billion.

The high court’s June 7 decision not to take the case puts to rest Citizens Against Corporate Crime LLC’s assertion that the Miami-based company siphoned money that CalPERS invested in Lennar unit LandSource Communities Development LLC a year before LandSource’s bankruptcy in 2008.

The U.S. Bankruptcy Court for the District of Delaware ruled that the claims were released under ...