Pension system

Texas jury clears investment firm in $1.2 billion pension lawsuit

By Katie Buehler (July 11, 2022, 9:07 p.m. EDT) — A Texas state court jury on Monday cleared the Townsend Group of most claims related to its role in the failure of undeveloped land investments made by the Dallas Police & Fire Pension System, finding that if Townsend was negligent, the majority of the blame for bad investments lies with the system.

In an 11-to-1 vote, a Dallas County District Court jury found that Townsend Holdings LLC, doing business as The Townsend Group, was 10% liable for more than $1.2 billion in dollars of disbursements and lost benefits claimed by the pension system. it suffered from 12 bad investments between 2005 and…

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