Pennsylvania’s beleaguered pension fund for educators has hired yet another outside law firm — this time to consider suing the consulting firm that admitted botching a key profits calculation in an error that has triggered an ongoing FBI investigation.
that number, forcing 100,000 school employees to pay more into the pension plan. Under the state “risk share” law, how much teachers pay into the fund depends partly on its investment profits.
PSERS would not elaborate on hiring Blank Rome. People familiar with the decision said the law firm will review options forlegal action, including a possible lawsuit against Aon. and a financial consultant brought on to deal with the faulty calculation and the federal probes that have grown to include the Securities and Exchange Commission. The biggest single payment — $1.9 million so far — has gone to the Philadelphia firm of Morgan, Lewis & Bockius to deal directly with the federal investigators.
The input error aside, the Womble report revealed that the board adopted the mistaken number during the key 2020 meeting at which the previous PSERS management chose not to answer questions from skeptical board members about performance figures. The Womble lawyers also suggested that the board was rushed by managers into approving what was later revealed to be an inaccurate number.
Grell announced his retirement late year, along with James Grossman Jr., the fund’s chief investment officer.
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