US - Consultant Callan Associates is to pay a US$4.5m settlement with the San Diego city council following an ongoing law suit alleging the firm provided faulty investment advice.
After court costs and outside attorney fees, the city will only net approximately $3m - far short of the $50m that had been sought by city attorney Michael Aguirre.
Despite the settlement, the San Francisco-based consultant said it still refuted the city's allegations - which included professional negligence and breach of contract.
The San Diego City Employtees' Retirement System originally hired Callan in 1982 for investment consulting services.
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