San Diego City Attorney Michael Aguirre has filed accounting and legal malpractice complaints against the firms Gabriel Roeder Smith & Co. and Callan Associates, Inc. alleging "professional negligence in providing advice to the San Diego City Employees' Retirement System."
The lawsuit alleges their failure to meet the standard of care in advising the SDCERS Board, resulting in economic damages to the city of San Diego, which in part has caused $1.7 billion in underfunding of the pension plan.
"This is only the first salvo," said Aguirre. "You may be sure that to protect San Diego taxpayers, more lawsuits will be filed in the coming months."
On the same day, Aguirre released a sweeping plan to "resolve the city's legal, accounting and financial crisis."
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