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Dallas Police & Fire Pension System, CDK Realty agree to dismiss lawsuits

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The Dallas Police & Fire Pension System and CDK Realty Advisors have agreed to “dismiss with prejudice” claims asserted in lawsuits filed against one another last year.

The “parties have now resolved their differences,” according to a Tuesday filing in Dallas County District Court.

The filing further noted that “all parties have agreed to bear their own costs, expenses and (if any) attorneys’ fees incurred to date in this action.”

Further information on any settlement could not immediately be learned.

CDK, a former real estate manager for the pension fund, sued the $2.1 billion plan last February over $139,479 in alleged unpaid money management fees.

The pension fund filed its own lawsuit against CDK in April, accusing the real estate manager of advising the pension fund “to enter into a variety of real estate investments that were high risk, speculative and not typically of the type pursued by pension systems,” resulting in write-downs and losses of more than $320 million.

The pension fund also argued that CDK failed to conduct proper due diligence, charged fees for unperformed services and failed to obtain periodic appraisals that would have revealed properties’ decreased value, among other charges.

At it height, CDK managed about $750 million for the pension fund. It was hired in 2002 and removed as a manager in 2015.

In its lawsuit, CDK claimed that its services brought the pension fund $80 million in gains between 2002 and 2014 and that it was not involved in projects in Napa Valley, Calif., Utah, Arizona and Hawaii, among others that produced significant losses for the pension fund.

Pension fund officials and attorney for CDK could not immediately be reached for additional information.