Dallas Police and Fire Pension System Sues Investment Advisors, Former Attorney

The Dallas Police and Fire Pension System filed a lawsuit Thursday in Dallas County against its former investment consultants and its former attorney for alleged negligence that led to hundreds of millions of dollars in investment losses.The suit, which alleges breach of contract and a failure to exercise fiduciary duty, is seeking damages from Townsend Holdings and all or part of the fees paid to longtime attorney Gary Lawson."For years, Townsend allowed investment managers under its oversight to run amok, plowing DPFP funds into wildly inappropriate investments, disclaiming their statutorily-mandated fiduciary duties, and over-allocating funds towards investment in real estate," the lawsuit said.Townsend's offices were closed Saturday and could not be reached for comment.  Continue reading...