Lawsuit that alleges Wall Street duped Kentucky pension plan will proceed
FRANKFORT — The high-profile lawsuit alleging that Wall Street money managers and others caused Kentucky Retirement Systems to gamble as much as $1.5 billion on risky hedge fund investments will proceed.
Franklin Circuit Judge Phillip Shepherd on Friday rejected motions of three big hedge fund firms and most other defendants to dismiss the lawsuit filed 11 months ago.
Shepherd ordered the parties in the case to confer and submit a schedule for taking depositions and other actions needed for preparing for trial.
The lawsuit was filed by eight current or former Kentucky public employees, and it charges that international hedge fund sellers — KKR/Prisma Capital Partners, Blackstone Group, and Pacific Alternative Asset Management — breached their fiduciary duty by luring the Kentucky systems in 2011 into making investments without fully disclosing the risk, high fees and lack of transparency.
Read more: https://www.courier-journal.com/story/news/politics/2018/11/30/kentucky-pension-lawsuit-involving-wall-street-proceed/2165330002/
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