COLUMBUS, Ohio-Ohio Attorney General Dave Yost is actively pursuing a lawsuit against individuals involved in a scandal concerning the State Teachers Retirement System (STRS). The lawsuit targets two STRS board members, Wade Steen and Chair Rudy Fichtenbaum, accusing them of participating in a scheme to steer contracts toward the investment firm QED. This firm, founded by Seth Metcalf and Jonathan Tremmel, allegedly tried to secure a partnership with STRS despite lacking experience and necessary registration. Yost’s lawsuit aims to remove Steen and Fichtenbaum, claiming they violated their fiduciary duties by colluding with QED. The situation has led to significant turmoil within STRS, including board resignations and allegations of corruption and fund mismanagement. Yost has issued subpoenas as part of his investigation into this ongoing scandal.
