Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Litigation Monitoring topic
No spam. Unsubscribe anytime.
Edgewater pension board hears no‑cost securities‑litigation monitoring pitch; vote deferred
Summary
The City of Edgewater Firefighters Pension Board heard a presentation from Doug Bortz of Wolf Hopper on a no‑out‑of‑pocket securities‑litigation monitoring service; trustees asked about custodian access and fees, one trustee moved to retain the firm but the motion lacked a second and the board deferred the decision for review.
Doug Bortz, director of client service and marketing for Wolf Hopper, told the City of Edgewater Firefighters Pension Board that his firm offers ongoing securities‑litigation portfolio monitoring and litigation advisory at no out‑of‑pocket cost to the pension plan. "You will never pay us a single penny for any services that we render and offer to you," Bortz said, describing a contingency fee model in which attorneys are paid only from recoveries if a case is pursued.
Bortz said the service relies on a custodian authorization that gives the firm read‑only access to portfolio data through Salem Trust; that access, he said, feeds encrypted third‑party software that produces monthly reports identifying active exposures and potential claims. He said the firm coordinates closely with board counsel and the plan’s custodian to file proofs of claim and to help spot cases that institutional investors should consider pursuing.
The presentation included examples intended to show when monitoring can matter. Bortz cited historical litigation such as Enron to illustrate how institutional involvement can increase recoveries and said public safety plans are a large and growing portion of his firm’s client base.
Trustees asked technical and procedural questions about how the firm receives and stores data, whether the firm would require any up‑front payments, and how any litigation would be coordinated with the plan attorney. Bortz reiterated the firm’s view that custodial access is read‑only, that historical trading records are preserved in the third‑party system, and that all typical outlays for litigation would be covered by the firm until a recovery is awarded and court‑approved fees are allocated.
After the presentation, a trustee moved to retain the firm. The motion received discussion but no immediate, recorded second; several trustees said they wanted more time to review the materials (one trustee asked to "look over some more information" on the 48‑page packet Bortz left with the board). The chair allowed the item to lapse and said it could be placed on a future agenda for a formal vote after trustees have had more time to review the paperwork and consult board counsel.
The board took no formal action to retain the firm at this meeting.
