Burned Madoff Investor Fires Consultant
January 12, 2009
The Town of Fairfield joint pension boards have decided to terminate its contract with NEPC--the firm that has served as investment consultant for Fairfield's pension plan's since 2006.
According to the Connecticut Post, the board’s decision comes as a direct result of a $42 million loss resulting from investments in Bernard Madoff's Ponzi scheme (See IMW, 12/15/08).
The town began investing in the Madoff fund in 1995, and the resulting losses have caused the funds to go from being over funded to needing an infusion of about $1.4 million from the municipal budget.
The joint boards also authorized Fairfield's town attorney, Richard Saxl, to hire outside counsel to investigate possible means of recovering losses resulting from the Madoff scheme.
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