Apparently, the Barbara Cook lawsuit cost the county about $200,000, pension board members were told this morning. Or, rather: Attorneys for the pension board made $200,000 off the Barbara Cook lawsuit.
As you might recall several years back, Cook, a former employee, accused the county and its retirement board of of holding employee pension deductions a lot longer than neeed before depositing them into retirement accounts. At issue was whether the coin belonged to the county, the pension board or the employees.
She filed the lawsuit in December 2008, seeking to recover the interest on behalf of the employees. In late 2010 a judge ruled in favor of the county. (Her legal team dropped the county pension board from the lawsuit. I'm not going to get into how ridiculous a move this was, according to what some local lawyers have told me.)
Anyhoo, the issue was discussed because the pension board is looking to increase its insurance coverage. The board didn't take any action this morning, but its administration will look at it in the upcoming months.