NEW YORK (AP) — New York City Comptroller John Liu has hired the former chief executive of MF Global Holdings Ltd. to help manage the city’s pension investments.
The Wall Street Journal reports that Kevin Davis was quietly hired in September as head of commodities in the comptroller’s Bureau of Asset Management.READ MORE: Man Rescued After Falling On LIRR Tracks At Penn Station
Davis left MF Global in 2008 after the firm lost more than 90 percent of its market value.
His hiring has drawn criticism from stakeholders in the city’s pension system. MF Global was sued by four public pension systems outside New York that claimed the firm misrepresented its risk-management practices to investors.READ MORE: Manhattan, Brooklyn Residents Sue City To Stop Permanent Outdoor Dining
A Manhattan federal judge approved a $90 million settlement in that case last month.
The comptroller’s office says Davis was the best applicant for the job.
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