Calcaterra Pollack LLP’s investigative report on the investment activities of Kentucky Retirement Systems was released to the public

The law firm’s independent investigation included a review of nearly two million pages spanning seven years of certain pension fund investment decisions.

FRANKFORT, Ky., September 13, 2022 /PRNewswire/ — Active September 6, 2022a report prepared by law firm Calcaterra Pollack LLP was released to the public summarizing the firm’s independent investigation into several investment decisions made by Kentucky Retirement Systems (KRS), now the Kentucky Public Pension Authority (KPPA).

Calcaterra Pollock lawyers have deep experience with complex investigations and pension fund management – ​​both in private practice and in the public service – and the firm was selected by KPPA to lead this investigation following participation in a competitive tender process. Calcaterra Pollock respects the decision to release this important summary of the firm’s investigation.

Calcaterra Pollack examined the activities of KRS’s investment staff and administrators beginning in late 2008, focusing on absolute return investments, including the circumstances that led to KRS’s maintenance of three related fund-of-funds relationships with Blackstone Alternative Asset Management (interchangeably referred to as BAAM and Blackstone), Pacific Alternative Asset Management Co. (PAAMCO) and Prisma Capital Partners (later KKR Prisma and more recently, PAAMCO Prisma). In addition to assessing whether any illegal activity or breach of fiduciary duty occurred during the due diligence and retention process, Calcaterra Pollack reviewed the processes and conduct throughout KRS’s involvement with the aforementioned funds. The firm’s findings are detailed in the report.

“Our investigation involved reviewing nearly two million pages spanning approximately seven years, and we prioritized accuracy and impartiality every step of the way,” it said. Queen Calcaterra of Calcaterra Pollack LLP.

“We take the trust placed in us by Kentucky Retirement Systems members, retirees and beneficiaries extremely seriously, which is exactly why we ensured this comprehensive investigation was independent and free of undue influence,” Calcaterra said.

In addition to the report made public September 6, Calcaterra Pollack LLP submitted a separate legal recommendations document to the KPPA, including: a thorough analysis of the potential remedies available to KRS based on the findings of the investigation; the pros and cons of taking legal action; a cost/benefit analysis of such action; any possible legal impediment to legal action; and recommendations regarding best practices for investment activities.

Calcaterra is a member of the National Association of Public Pension Attorneys and previously served as Deputy General Counsel at the New York City Employees Retirement System. She has represented public pension funds in complex securities litigation since 2004. Recent experience includes representing public pension and employee benefit funds operated by of North America The largest public transport authority, seeking damages caused by investors in the wake of the collapse of a private alternative investment fund focused on trading short and long index options.


Calcaterra Pollack LLP is a 100% woman-owned firm specializing in complex federal and state litigation, including municipal representation, investigations, securities, antitrust and commercial litigation. Our firm uses over five decades of collective experience representing pension funds, institutional investors, government agencies, businesses and individuals to achieve success for our clients. The firm is certified New York State Women’s Business Enterprise and Women’s Business Enterprise certified by WBENC.

SOURCE Calcaterra Pollack LLP

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