COLUMBUS, Ohio-Attorney General Dave Yost filed a lawsuit against two STRS board members, accusing them of breaching fiduciary duties by attempting to divert 70% of STRS assets to a shell company with alleged ties to them. Defendants Wade Steen and Dr. Rudy Fichtenbaum denied the allegations.
Yost’s filing triggered chaos at a board meeting, where tensions were already high. The board voted 6-5 to replace the current chair with Fichtenbaum. The pension fund, STRS, has faced financial losses, suspension of cost-of-living adjustments, and controversial staff bonuses. Yost’s investigation follows allegations of a hostile takeover jeopardizing educators’ funds.
