A New York hedge fund, run by Fletcher Asset Management, convinced three Louisiana retirement systems, Municipal Employee Retirement System of Louisiana, The Firefighters’ Retirement System and The New Orleans Firefighters’ Pension & Relief Fund to invest $100 million collectively, with promises of great returns on their investments. In reality, the money was used to repay part of a Royal Bank of Scotland loan, which was in violation of an agreement the systems made when they invested the money. The structure employed by Fletcher Asset Management allegedly had characteristics of a ponzi scheme. The shares in the hedge fund were used as collateral for the Royal Bank of Scotland loan. Investors will have a hard time recovering the money. Municipal Employee Retirement System of Louisiana invested $40 million, The Firefighters’ Retirement System invested $45 million, and The New Orleans Firefighters’ Pension & Relief Fun invested $15 million. If you invested money in the Fletcher Asset Management hedge fund, you may be entitled to recover your investment losses. Please call us at 312-332-4200 to speak with an attorney about your options. The call is free with no obligation.
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