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Lawsuit Contends Actuarial Firm Misled Detroit Pension Plan
The New York Times; subscription may be required Link to more items from this source
Oct. 28, 2014
"With the nation's states and cities slowly sinking in a $3 trillion pension hole, the professionals who advise their pension plans have long wondered whether the fingers of blame might eventually point to them. One of those fingers has surfaced in bankrupt Detroit, and it is singling out Gabriel, Roeder, Smith, a top actuarial consultant for public pensions, which has hundreds of clients across the country that rely on it to keep track of data, calculate required annual contributions and advise on crucial assumptions like future investment returns.... Gabriel Roeder said the three lawsuits 'are factually, legally and procedurally infirm and reflect a gross misunderstanding of the nature of actuarial services.' "

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