(Forbes) A new bill proposed in Kentucky by state representatives Jim Wayne and Rocky Adkins, House Bill 551 , would subject hedge fund and private equity managers retained by the two major state pensions, as well as trustees, to possible criminal prosecution for not complying with ethical and fiduciary duties. The bill states “a knowing violation of the ethical and fiduciary duties of trustees and investment managers for the Kentucky Retirement Systems and the Teachers’ Retirement System shall be a Class D felony.”
Kentucky’s Answer to Abusive Hedge Fund And Private Equity Managers — Jail Them
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