Why are they SO DESPERATE to crush those who want only to put teachers first (instead of the greedy STRS staff)? WHAT ARE THEY HIDING? I think we already know. Just follow the money.
Ohio AG files suit to remove 2 from teachers' pension board. Board stands by members
Yost is seeking removal of Wade Steen, who is the governor's appointee to the board, and retired professor Rudy Fichtenbaum. The board voted Wednesday to make Fichtenbaum the board chair
Columbus Dispatch
May 15, 2024
(See video here)
Key Points • State law allows the attorney general to bring a civil case to remove public pension board members if they failed to act in the best financial interest of the system• Last week, Yost opened an investigation into whether some board members may have violated their fiduciary duty• Gov. Mike DeWine sent documents to Yost and other state agencies that allege that STRS Ohio is facing a "hostile takeover" by private interests
Ohio Attorney General Dave Yost filed a lawsuit on Tuesday to remove two board members of the State Teachers Retirement System, saying they breached their fiduciary duty to protect the pension fund.
Yost filed the case in Franklin County Common Pleas Court just before the 11-member board began its monthly meeting.
Yost is seeking removal of Wade Steen, who is the governor's appointee to the board, and retired Wright State University economics professor Rudy Fichtenbaum.
But the lawsuit did not shake the board's confidence in Fichtenbaum. Instead, the board voted 6-5 to remove teacher Dale Price as chairman and install Fichtenbaum.
STRS Ohio oversees about $90 billion invested on behalf of 500,000 teachers and retirees. The system is facing historic turbulence as control of the board tips toward "reformers," its executive director is on paid administrative leave and Aon, a national consulting firm, opted to cancel its contract early.
Last week, Yost opened an investigation into whether some board members may have violated their fiduciary duty. State law allows the attorney general to bring a civil case to remove public pension board members if they failed to act in the best financial interest of the system.
Yost argues in the new lawsuit that Steen and Fichtenbaum as well as two former board members, Yoel Mayerfeld and Bob Stein attacked STRS and advocated for QED, a relatively new investment firm.
Yost said in the lawsuit that Steen and Fichtenbaum have "backdoor ties" to QED and have tried to steer $65 billion to QED.
Steen on Wednesday questioned whether Yost conducted a fair and thorough investigation in the five days between when he received documents and then filed the lawsuit. He also said that the lawsuit complaint is full of defamatory statements against him.
Steen said he never suggested earmarking $65 billion for QED to manage.
posted by Kathie Bracy at 8:54 PM
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