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FRANKFORT, Ky. (WKRC) – A group of former and current public workers are suing three hedge funds.
The lawsuit claims the funds sold risky investments and overstated returns to the agency that manages Kentucky’s pension fund. The workers want damages from KKR Prisma, Blackstone and PAAMCO.
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The lawsuit says the Kentucky’s retirement system was fully funded in 2001, but after bad losses, the board trustees and their trustees took a gamble with those companies in 2011 to catch up.
In 2016, the pension debt reached $21.7 billion.
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