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Kentucky Top Court Axes Pensioners’ Suit Over Hedge Fund Losses

July 9, 2020, 6:29 PM

A group of current and retired public workers in Kentucky lost their lawsuit challenging alleged mismanagement of the state’s pension system, when the state’s highest court ruled Thursday that they hadn’t suffered an injury giving them standing to sue.

The workers have an “invoilable contract with the Commonwealth” that entitles them to pension benefits regardless of what happens to the Kentucky Retirement Systems’ assets, the Kentucky Supreme Court ruled in a unanimous opinion by Chief Justice John D. Minton Jr.

Because their benefits are backstopped by the “full faith and credit of the Commonwealth,” a drop in plan assets doesn’t...

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