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City Attorney Mike Aguirre revealed today (July 29) that the law firm of Orrick Herrington & Sutcliffe agreed to pay $2.875 million to settle a pension-related suit filed earlier by the City. Five service-providing firms have now settled pension cases for a total of $13.375 million. The City netted $9 million of that sum after expenses, including payments to outside attorneys that took the cases on contingency bases. The settlements include $4.5 million from Callan & Associates and $4.35 million from Vinson & Elkins. Orrick Herrington in 2003 insisted that the City make full disclosure of some actions it had been concealing. However, Aguirre says it should have discovered the pension problems earlier than it did. In the settlement, the law firm admitted no wrongdoing.
City Attorney Mike Aguirre revealed today (July 29) that the law firm of Orrick Herrington & Sutcliffe agreed to pay $2.875 million to settle a pension-related suit filed earlier by the City. Five service-providing firms have now settled pension cases for a total of $13.375 million. The City netted $9 million of that sum after expenses, including payments to outside attorneys that took the cases on contingency bases. The settlements include $4.5 million from Callan & Associates and $4.35 million from Vinson & Elkins. Orrick Herrington in 2003 insisted that the City make full disclosure of some actions it had been concealing. However, Aguirre says it should have discovered the pension problems earlier than it did. In the settlement, the law firm admitted no wrongdoing.