For the second time in little more than a month, an Am Law 100 firm has agreed to a multimillion-dollar settlement with the city of San Diego stemming from a city pension fund scandal. San Diego city attorney Michael Aguirre announced a $2.8 million deal with Orrick, Herrington & Sutcliffe at a press conference Tuesday afternoon.
Tuesday’s settlement comes nearly three years after San Diego filed suit against the firm, charging it with failure to disclose the extent of the city’s pension debt while the law firm served as the city’s bond and disclosure counsel. Orrick won the work representing the city in 1992. From 1996 to 2003, the city’s unfunded pension debt ballooned to an estimated $1.7 billion.
