A Texas state court jury on Monday cleared The Townsend Group of most claims related to its role in failed undeveloped land investments made by the Dallas Police & Fire Pension System, finding that while Townsend was negligent, the majority of the blame for the poor investments falls on the system.
The Townsend Group accused the Dallas Police & Fire Pension System and its attorneys of inventing a $1.2 billion lawsuit claiming the real estate investment firm failed to adequately warn of the risks of investing in undeveloped land, drawing the ire of a Texas judge during closing arguments Friday.
Real estate investment firm The Townsend Group cost the Dallas Police & Fire Pension System up to $1.2 billion in damages by failing to adequately warn it of the risks of investing in undeveloped land, the pension plan told a Texas state court jury Wednesday.
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