KPERSKansas Public Employees Retirement System
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The state's share of the district's statutory annual KPERS pension payment rose by nearly $3 million - a significant increase over prior years, though still short of the actuarially-determined level.
The Kansas Supreme Court flatly rejected KPERS's argument.
Three years later, when KPERS decided to cash out, management went in to debt again to pay $21 million to buy the fund's half of the company.
The KPERS lawsuit sought more than $100 million in alleged investment losses from the auditing firm, including a $65 million investment in 1986 in Home Savings & Loan Association, a thrift in Kansas City, Missouri, taken over by the Resolution Trust Corp.
KPERS also sued its former investment advisers as well as the Home Savings officers and directors and the lawyers performing legal services relating to the investment.
KPERS alleged the firm's failure to identify and write off impaired investments caused KPERS to overvalue its Home Savings investment and prevented it from discovering the wrongdoing of other defendants and from taking action to stop its losses.
KPERS filed its complaint in a Kansas court in 1991, but the RTC removed the case to the federal court in the Western District of Missouri after the retirement system became the subject of a third-party claim by Home Savings officers and directors.
The circuit court said the KPERS investment in Home Savings was part of its 1985 decision to allocate a small part of its portfolio to direct placement investments in companies for the purpose of stimulating the Kansas economy.