City Treasurer Threatens Defamation Suit Over Policeman’s Articles – Documents / Chicago News Cooperative

After the police pension board refused to comply with a subpoena from the city’s inspector general for documents related to money managers DV Urban Realty, board trustee and police officer Michael K. Shields wrote an article for the May 2009 edition of FOP News, the police union’s newsletter.

“On two separate occasions, I have motioned to have the pension board comply with the subpoena. Unfortunately, both those motions failed. After these failed motions, I was curious as to why the city-appointed trustees on our board were so vocal in their efforts to fight this subpoena. I researched my fellow trustee, City of Chicago Treasurer Stephanie Neely. It turns out that she has accepted campaign contributions from Allison Davis and DV Urban Realty.”

For the complete text of this article go to page 11 of the link below:

http://www.chicagofop.org/Newsletter/2009/052009news.pdf

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In November 2009, Mr. Shields again criticized Ms. Neely in the police union newsletter. Mr. Shields had unsuccessfully motioned to fire money manager Ariel Capital Management, a motion opposed by Ms. Neely and other trustees.

“Every time our fund attempts to hire a manager in a search or fire a manager for poor performance, City Treasurer Neely on our pension board screams, ‘It’s the law!’ This shakedown for control of our money must stop.”

For the complete text of this article go to page 7 of the link below:

http://www.chicagofop.org/Newsletter/2009/112009news.pdf

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Ms. Neely’s campaign fund has received $15,000 from executives of Ariel Capital Management. As a member of the police pension fund, Ms. Neely opposed firing Ariel as a money manager.

Ms. Neely also received a $1,500 donation from DV Urban Realty and $500 for DV Urban’s Allison Davis. She voted against complying with the city inspector general’s subpoena for information on DV Urban’s dealings with the police pension fund.

Source: Illinois State Board of Elections

Rogers, Jr., John
200 E. Randolph Drive
Chicago, IL 60601                                $1,000.00      Individual Contribution
Occupation: President/CEO                 1/22/2007    Citizens for Stephanie D Neely
Employer: Ariel Capital Management

Rogers, Jr., John
200 E. Randolph Drive
Chicago, IL 60601                                 $500.00          Individual Contribution
Occupation: President/CEO                  1/24/2007    Citizens for Stephanie D Neely
Employer: Ariel Capital Management

Rogers, Jr., John
200 E. Randolph Drive
Chicago, IL 60601                                  $6,000.00      Individual Contribution
Occupation: President/CEO                   1/25/2007    Citizens for Stephanie D Neely
Employer: Ariel Capital Management

Hobson, Mellody L.
c/o The Mosaic Financial Group LLC
One East Erie Street Suite 630
Chicago, IL 60611                                   $7,500.00
Occupation: President
Employer: Ariel Capital Management

DV Urban Realty Advisors LLC
54 W. Hubbard Street
Suite 205
Chicago, IL 60610                                  $1,500.00       Individual Contribution
.                                                                 1/25/2007     Citizens for Stephanie D Neely

Davis, Allison S.
54 W. Hubbard Street
Suite 205
Chicago, IL 60610                                  $500.00           Individual Contribution
.                                                                 1/25/2007     Citizens for Stephanie D Neely

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On Dec. 14, a lawyer representing the treasurer sent Mr. Shields a letter alleging that Ms. Neely is entitled to “substantial damages” because Mr. Shields had defamed her in the FOP News articles.

Here is the letter.

Here is the response from a lawyer for Mr. Shields.

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In the January 2010 edition of FOP News, Mr. Shields reported on the threat of litigation from Ms. Neely and called on her to stop taking campaign donations from pension fund money managers:

“Clearly, Treasurer Neely does not like the fact that I have discussed the fact that she receives campaign contributions from investment managers that do business with the pension fund …. Treasurer Neely has threatened me and the FOP with a lawyer claiming he’ll file a lawsuit. The appearance of ‘pay to play’ is exactly what disgusts my fellow Chicago Police Officers about our pension fund.”

For the complete text of this article go to page 5 of the link below:

http://www.chicagofop.org/Newsletter/2010/012010news.pdf

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On Thursday, three days after the Chicago News Cooperative interviewed her for this story, Ms. Neely’s office issued this statement to the CNC:

“My mission every time I attend any of the pension fund meetings for which I serve as a trustee is to bring my 22 years of financial expertise to bear. I am guided solely by my fiduciary responsibility to the members and the families who are the beneficiaries of these funds.

“Therefore, I strive to use my knowledge and experience to always make the wisest investment decisions possible.

“I agree that the members and families of these funds deserve no less than 100% accuracy in the updates they receive in their monthly newsletters regarding the financial security they have worked all of their lives to secure. However, sometimes we forget that the standards that constitute journalistic integrity are not always represented in the various fund’s newsletters. Especially when defamatory misstatements are printed.

“At the end of the day, all that any of us have is our word and reputation. I felt the help of an attorney was needed in this instance, not in order to suppress anyone’s voice, but rather to ensure that the information being disseminated is totally accurate and based in fact.”

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