Downtown Publications is appealing the denial of a Freedom of Information Act (FOIA) request made to Bloomfield Township on September 14, 2014, requesting information relative to the pension obligation bond issue investments, including a copy of a Miller Canfield review of the investments done this past spring or summer, and any and all reports generated by firms subcontracted by the law firm, which the township's legal counsel in October denied as exempt under "attorney client privilege."
The Miller Canfield law firm was reportedly retained by Bloomfield Township Supervisor Leo Savoie to review the township investment practices, including township treasurer Dan Devine, who was entrusted with investing the township's pension obligation bond funds, after investment fees on the 2013 $80-million pension obligation bond issue came in nearly $300,000 more than some officials thought would be paid to an outside advisor. Investment of the pension obligation bond funds is being handled by the firm of Gregory j. Schwartz and Company.
Miller Canfield reportedly retained an additional firm to review how investments were handled and although the review opinion was referenced by trustees at a public meeting months ago, the township has refused to make the Miller Canfield documents public. Sources have suggested to Downtown Publications that some questions about investment practices were raised in the opinion. Continue>>>