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Board approves securities‑fraud portfolio monitoring agreement with Grant & Eisenhofer
Summary
The pension board approved a securities‑fraud portfolio monitoring agreement with Grant & Eisenhofer after a presentation by attorney Mark Weinberg outlining the firm's monitoring reports, the absence of a monitoring fee, and how contingency litigation would be handled if pursued.
The Lackawanna County Employees Retirement Fund pension board voted to approve a securities‑fraud portfolio monitoring agreement with Grant & Eisenhofer after attorney Mark Weinberg reviewed the firm's monitoring service.
Weinberg told trustees Grant & Eisenhofer provides portfolio monitoring at no cost and that the firm’s monitoring report lists newly filed cases and pending settlements for companies in which a fund has exposure. “There is no cost or obligation to have our firm do the monitoring service for you,” Weinberg said. He added the firm often asks custodians for five years of trade and holdings history so monitoring can identify past exposures.
Weinberg described the firm’s litigation experience and said contingency litigation, if undertaken, would be the subject of a separate retainer; he emphasized the monitoring agreement is separate from any litigation engagement. Trustees asked whether monitoring would include retroactive review; Weinberg said the firm would obtain five years of history from the custodian for its first report. The board approved the monitoring agreement during the meeting.
Votes at a glance
- Motion 25‑5‑22 — Approve securities‑fraud portfolio monitoring agreement with Grant & Eisenhofer: approved.
