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From Bloomberg: A group of retirees says the $80 billion Ohio state teachers' pension fund is paying high fees to private equity firms for underwhelming returns. A report commissioned by the 18,400-member Ohio Retired Teachers Association says 'billions have been have squandered' by the State Teachers Retirement System of Ohio on fees and under-performance in the pension fund's $14.3 billion alternative-investment portfolio, according to a draft seen by Bloomberg. ....
Lawsuit seeks unredacted reports from Ohio State Teachers about alts investments Lawsuit seeks unredacted reports from Ohio State Teachers about alts investments Getty Images/iStockphoto A lawsuit was filed in the Ohio Supreme Court to force the $89.5 billion Ohio State Teachers Retirement System, Columbus, to release unredacted reports related to the pension fund s alternative investments. The writ of mandamus complaint was filed May 21 by Edward Siedle against the pension fund and CEM Benchmarking Inc., seeking unredacted reports related to the pension fund s alternative investment management fees, costs and expenses. Mr. Siedle is an attorney and president of Benchmark Financial Services Inc., which was hired by the Ohio Retired Teachers Association in October to perform a forensic audit on the teachers retirement system. ....