Hedge Funds Settle with Ky Pension Systems for $227.5M

Kentucky Attorney General Russell Coleman announced today the Commonwealth settled a long-running lawsuit with major hedge funds over the management of Kentucky pension systems. As a result of the settlement, the hedge funds KKR & Co., Prisma Capital Partners, The Blackstone Group and Pacific Alternative Asset Management agreed to pay $227.5 million to the Commonwealth’s pension funds.

The settlement recovery includes a distribution to the Commonwealth’s pension funds of approximately $145 million in assets that the Prisma-managed investment fund held in reserve. The settlement remains contingent upon the approval of the Franklin Circuit Court and the dismissal of other lawsuits not involving the Commonwealth.

Read more at Lane Report.