The pension funds for New York City and New York State are vying with each other to control the massive securities fraud litigation in California that stemmed from the April nosedive in the stock price of the nation’s largest drug wholesaler.

More than 40 lawsuits have been filed in Northern District of California in the wake of the 48 percent drop in the stock of McKesson HBOC Inc. after the disclosure on April 28 that its revenues had been overstated by $42 million.

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