COLUMBUS, Ohio — The board chair of the Ohio State Teachers Retirement System will step down immediately after a judge ruled he and a former board member are permanently barred from serving.
A judge in Franklin County ruled Thursday that Rudy Fichtenbaum and former board member Wade Steen can no longer serve on the STRS board.
The decision follows months of controversy over governance and investment oversight at the pension system, which manages tens of billions of dollars for more than 500,000 current and retired Ohio educators.
The ruling stems from the pair’s involvement with start-up investment firm Q-E-D Technologies. Court filings indicated the firm sought a contract that could have involved up to $65 billion — about 70 percent of STRS assets at the time — though the proposal was never approved.
The case was brought in a civil lawsuit by Ohio Attorney General Dave Yost, who alleged the men violated their fiduciary duties. No criminal charges have been filed in connection with the matter.
