Stroock Special Bulletin
“The Recent “Pay-to-Play” Pension Scandal: Analysis and Action Items for Financial Services Companies and Others in and Outside of New York”
As has been widely reported in the press, recent allegations of “Pay-to-Play” improprieties involving the New York State and local retirement systems have generated intense public and political scrutiny. Political advisor Hank Morris has been arrested, numerous funds, have been identified in the press as targets of investigation, and government officials reportedly either have banned, or are considering banning, placement agents entirely. This Stroock Special Bulletin examines the implications of these developments for financial services companies and others dealing with governmental retirement plans and government officials, and discusses issues they should consider regarding their policies, procedures and practices as they prepare for future interactions with governmental plans and officials.