Three Louisiana pension funds that handle the retirement benefits for thousands of public employees in that state are hoping to get their money back from a failed hedge fund.
The Firefighters' Retirement System, the Municipal Employees' Retirement System and the New Orleans Firefighters' Pension and Relief Fund invested a combined $100 million with Alphonse Fletcher Jr., a Wall Street financier, in one of his funds, FIA Leveraged, in 2008.
The fund was offering essentially a 12 percent guaranteed return secured by a third-party investor; they were told the fund would invest in liquid securities that could be sold in a matter of weeks.
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