ORTA Announces Victory in Edward Siedle v. STRS Ohio

From ORTA

Ohio Retirement for Teachers Association

July 28, 2024

ORTA Announces Victory in Edward Siedle v. STRS Ohio

Magistrate orders STRS to comply with Siedle's first investment managers request in the February 19, 2021 letter and first Panda Investments request in the June 26, 2021 letter.

•  Over three years ago, on February 19, 2021, Edward Siedle made a public records request wih STRS, including requests for "Documents Regarding Investment Managers".

•  Beginning on March 5, 2021, STRS sent thousands of pages of records responsive to portions of Siedle's records requests other than the investment managers requests.

•  Finally, over over three years later, the magistrate finds Siedle has established a clear legal right to the production of public records sought in the first investment managers request and the first Panda Investments request. STRS was under a clear legal duty to comply with these public records requests. Accordingly, it is the decision and recommendation of the magistrate that this court issue a writ of mandamus ordering STRS to comply with Siedle's first investment managers request in the February 19, 2021 letter.

"Now that the magistrate has confirmed that I (and you) have a “clear legal right” to the pension investment contracts, I trust that STRS will comply with its “clear legal duty” to provide them. The time has come for its members and taxpayers to see what STRS has been hiding for so many years. I look forward to learning the secrets STRS has fought so hard for so long to keep from the public."  - Edward Siedle

What impact might these documents have on The High Cost of Secrecy Preliminary Findings of Forensic Investigation of State Teachers Retirement System of Ohio conducted by Edward Siedle in 2021?

"These documents will confirm whether the alternative investments STRS has made are plagued with the same industry abuses that were identified in my High Cost of Secrecy report, as well as whether the pension may be able to recover any funds pilfered— funds that could be used to pay benefits promised." - Edward Siedle

What impact might these documents have on the Special Audit of the State Teachers Retirement System of Ohio (STRS) conducted by Ohio Auditor Keith Faber in 2021?

"Faber did not review these contracts for his report ,and his staff candidly admitted to me that they lacked the expertise required to do so. I offered his staff to review any such contracts for them. They never responded. Therefore his so-called “audit” failed to address any concerns regarding fraud related to these investments." - Edward Siedle

Click here to read the Magistrate's Decision.