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City of Providence Sues Buck Consultants Over Pension Savings Calculations
Pensions & Investments 
Feb. 26, 2013 "The lawsuit accuses Buck of miscalculating $700,000 of savings the city expected this year through pension reform. 'When compounded annually over the next 28 years, the error amounts to $10.8 million in today's dollars,' [Providence Mayor Angel] Taveras said ... The city alleges breach of contract, breach of fiduciary duty, negligence and violation of the Rhode Island False Claims Act. The lawsuit claims Buck admitted the mistakes and said it had made other undisclosed calculation errors that accounted for the lost savings." MORE >> |
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