Davenport & Company LLC operates as a stock brokerage firm. The company focuses on offering a range of investment services, including comprehensive stock and bond brokerage, investment management, research, financial planning, insurance, public finance, and corporate finance services. Its services include asset and cash management, financial planning, fixed income, insurance services, mutual funds and annuities, research, retirement plans, and wealth care; and corporate finance, public finance, institutional investors, and research. The company has locations in Charlottesville, Danville, Farmville, Franklin, Fredericksburg, Lynchburg, Newport News, Norfolk, Roanoke, Virginia Beach, White Sto...
One James Center
901 East Cary Street
Richmond, VA 23219
Founded in 1863
Fluvanna County Drops Controversial Lawsuit Against Davenport & Company LLC
Oct 7 14
The Fluvanna County Board of Supervisors accepted a demand to drop its long-running lawsuit against McGuireWoods client Davenport & Co. LLC over the financing of a new high school, and issued a public statement retracting assertions it made about Davenport's services. As part of the agreement, Fluvanna County issued a public statement Oct. 2 acknowledging that Davenport provided reasonable advice on the high school financing, that the county suffered no subsequent financial harm, and that statements made in the lawsuit about Davenport were inaccurate. Fluvanna County board filed a lawsuit against Davenport, its financial advisor, in 2011, alleging that the firm gave misleading advice on bond financing for construction of a new high school in 2008. A Davenport advisor recommended a standalone financing option to issue $67.5 million in bonds through the Virginia Public School Authority. Reid noted in a letter to the county that Davenport's advice proved to be reasonable because the county was able to refinance the high school debt in 2012 to save more than $10 million in interest costs. The Fluvanna board's lawsuit also contained a baseless allegation that a Davenport advisor had lied to the board during its deliberations. The current board in its Oct. 2 statement expressed regret for mistaken statements in the lawsuit pleadings.