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Oklahoma County trustees approve purchase of two judgments after debate over concentration and self-dealing
Summary
The Oklahoma County retirement board approved buying two judgments (one for $350,000 and one for $75,000) for the defined-benefit plan after the treasurer and the district attorney argued the purchases are lawful and can lower settlement costs; one trustee warned the purchases risked overconcentration and potential "self dealing."
At its meeting the Oklahoma County retirement board approved buying two judgments offered for purchase — described in the agenda as one for $350,000 and one for $75,000 — after debate over investment concentration and potential conflicts of interest.
The treasurer moved to approve items 5 and 6, defending the practice as a way to gain better settlement terms and saying the retirement system monitors liquidity: "I would never put most of all, our retirees ... we are not," the treasurer said, arguing staff has the liquidity…
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