Retirement system may cost LA workers $24M

NEW ORLEANS, LA The Louisiana Municipal Police Employee Retirement System put the money into Boot Ranch near Fredricksburg, Texas. On Wednesday, Lehman Brothers, which provided $73 million in additional financing to keep the project afloat in 2007, posted a foreclosure notice for Nov. 4.

Sutton and co-developer Ken Jowdy blame sharply reduced property sales during the recession for the defaulted loan. The retirement system's board has a meeting scheduled for Wednesday to decide what to do next.

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