"A little over a decade ago, corporate and governmental pensions chose to wildly gamble in secretive, opaque, illiquid, toxic investments that carried excessive and hidden fees and expenses, were impossible to accurately monitor or value, had no prior tracks records of performance and carried very high and unacceptably large risk of losses -- hedge and private equity fund of funds. That's the allegation in an unprecedented lawsuit recently filed on behalf of state taxpayers and the Kentucky Retirement Systems' pension plans, reportedly the worst-funded pension system in the nation."  MORE >>