The Kentucky Retirement System “Tier 3” plaintiffs have almost immediately filed their first major action after Judge Thomas Wingate approved of their standing to pursue claims against a cast of miscreants, including KKR, Blackstone, PAAMCO, as well as storied financiers like Henry Kravis and Steve Schwarzman personally. And it’s a doozy.

Due to the peculiar way pdf in recent years have been subject to size bloat, regularly exceeding WordPress upload limits, I am embedding only the critical sections of the 125 page filing at the end of the post.

The plaintiffs are seeking $771 million from KKR and its fellow travelers over withholding $137 million from its Kentucky Retirement System custom hedge fund, cutely named Daniel Boone, in 2019 when the hedge fund was supposed to be wound up. The KKR defendants invoked an indemnification provision in the their agreement with Kentucky Retirement System to retain these monies, purportedly to

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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