Newsday – A state appeals court has allowed New Jersey to move ahead with a plan to invest some state pension money into hedge funds.

The court ruled Friday, rejecting a challenge by the Communications Workers of America and the New Jersey Education Association, two of the largest and most powerful unions of public employees in the state.

The unions said hedge funds and other "alternative investments" were two risky and were ripe for political abuses.

New Jersey’s Treasury Department wants to put about $9 billion of the state’s $78 billion retirement accounts into the investments.

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