Pension boards authorize Wolf Popper and Saxena White for securities‑litigation monitoring

The Jacksonville Beach pension boards authorized the engagement of two securities‑litigation monitoring firms, Wolf Popper and Saxena White, to provide portfolio monitoring services and potential claims recovery work.

Dustin, the pension administrator, presented an evaluation of three recommended firms and told trustees Wolf Popper and Saxena White were the top choices. He said Wolf Popper is a boutique firm with existing Florida clients and a close working relationship with the plan’s custodian, Salem Trust, which can speed account access and case screening. Saxena White was recommended for its local presence in the Jacksonville area and experience with municipal clients. Grant & Eisenhofer was rated third because it focuses more on international funds and the plan would be a smaller client for that firm.

Nut graf: Trustees approved a motion authorizing engagement of the two firms "subject to final legal approval of the engagement letter," and also authorized the chairs to execute engagement letters once legal signs off. The motion specified that Dustin would coordinate introductions with the custodial bank to provide portfolio access for monitoring.

The motion passed by roll-call across the police, firefighters and general-employees boards. Counsel advised the board that fee arrangements in securities‑litigation work are typically contingency-based and are often set or approved by a judge; no direct up-front fee was proposed by staff.

Ending: With the motion approved, staff will finalize engagement letters with legal counsel, direct Salem Trust to provide necessary access for screening and monitoring, and report back to trustees as potential recoveries or actionable cases are identified.