Sauder Schelkopf is investigating a potential class action lawsuit on behalf of the public school employees of the Commonwealth of Pennsylvania. According to the Public School Employees’ Retirement System’s (PSERS) website, the number of individuals PSERS serves “has grown from 37,000 in 1919 to more than 600,000 today. . . . PSERS’ assets have grown from $6 billion in 1982 to approximately $65.9 billion as of March 31, 2021.”
The Philadelphia Inquirer reported in part on May 16, 2021:
Federal prosecutors investigating Pennsylvania’s $64 billion public school pension fund are looking for evidence of kickbacks or bribery as they explore why the plan exaggerated investment returns and spent millions to amass real estate in Harrisburg.
Subpoenas reviewed by The Inquirer and Spotlight PA demand information from the fund itself, its executive director, and at least three other senior executives. The documents lay bare the scope of the probe and reveal that prosecutors and the FBI are investigating possible “honest services” fraud and wire fraud.
These are allegations that have not been proven in court.
Related News
FBI probe of massive Pa. pension fund seeks evidence of kickbacks or bribery, subpoenas show
Facing FBI probe, PSERS rewrites records saying staff was paid by outside realty firm
What is PSERS? A look inside the Pa. pension fund being investigated by the FBI
Amid Federal Investigation, Senator Sues PSERS Over Lack of Transparency
F.B.I. Asking Questions After a Pension Fund Aimed High and Fell Short
Transparency lawyer hired as PA teacher retirement system investigation continues
Experience Matters
Sauder Schelkopf is a nationally recognized class action and personal injury law firm. The firm’s partners currently serve as court appointed lead counsel in courts across the country and have been selected by the National Trial Lawyers Association as some of the Top 100 Trial Lawyers in Pennsylvania since 2012. The attorneys at Sauder Schelkopf have recovered over $500 million on behalf of their clients and class members.
We Want to Hear from You
If you are or were a public school employee of the Commonwealth of Pennsylvania, contact the lawyers at Sauder Schelkopf by filling out the form on this page or calling 888.711.9975