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Board approves PFM fixation and adds contingent counsel amid questions over adviser contacts
Summary
The Bucks County Retirement Board approved PFM'recommended fixed-income rebalancing and added securities monitoring and contingency litigation firms (Berger Montague and Cohen Milstein) on a contingent-fee basis. One board member raised concerns that the adviser had met privately with a single commissioner and urged an urgent $20 million placement into a PFM-managed fund, an allegation others disputed.
At its Dec. 18 session the Bucks County Retirement Board voted to follow investment adviser PFM's recommendation to rebalance the fund's fixed-income allocations, and the board approved two outside legal/monitoring firms for contingent securities litigation work. The board voted to retain Cohen Milstein to investigate potential claims related to Supermicro on a contingency basis and to add Berger Montague to the list of securities litigation monitoring firms; the solicitor confirmed both arrangements would incur no county cost unless there is a recovery.
The vote to implement PFM's fixed-income recommendations followed discussion of a…
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