Plans for Iowa, Los Angeles County and two other California counties seek class action standing against Goldman and four others.
The pension fund will increase its private asset exposure as fixed income and public equities weigh down the portfolio.
The easing of pandemic lockdowns has sparked hope, although the progress is fitful.
Some 58% of US institutions are unsure about investment performance, a survey says.
The philosophical hedge fund honcho scored big in the first half, betting against European companies.