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Town of Fairfield sues consultant and auditor

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The Town of Fairfield, Connecticut has taken legal action against NEPC and KPMG following its failed $42 million investment in a Bernard Madoff feeder fund.

NEPC was hired as the pension fund's general investment consultant in 2006 and according to a complaint filed by Fairfield in Connecticut Superior Court, the firm touted its alternative investment expertise saying it employed 12 professionals dedicated to alternative assets/hedging strategies who were supported by 25 research analysts. The firm told trustees in 2006 of its plans to hire additional professionals in the area in coming months.

Fairfield trustees were also told, according to