Wilson

Appellant instituted the instant action as a member of the Los Angeles County Employees Retirement Association, and also as a taxpayer of said county, alleging that respondent board of retirement of said association violated its duties in purchasing certain securities with funds of the retirement system. The complaint is in three counts: the first is for declaratory relief; the second (based on the allegations of the first) sounds in assumpsit for the sum of $2,-090,770.65 allegedly owed the county and the retirement system by virtue of the unlawful purchase of bonds at a premium; and the third seeks a judgment for the difference between $4,000,000 paid for securities of the International Bank for Reconstruction and Development and the market value of such securities at the date of the filing of the complaint, and also certain incidental declaratory relief. Plaintiff moved for a summary judgment and defendants moved for a judgment on the pleadings. Plaintiff appeals from the adverse judgment entered upon the granting of the latter motion.

*231 Appellant correctly points out that there is no dispute concerning the facts and that the issues presented by this appeal are purely legal…