Sean Ragland and John Phillips recently won Overstreet, et al. v. Mayberry, et al., 2019-SC-000041-TG

John Phillips and Sean Ragland recently won dismissal of Plaintiffs’ Complaint from the Supreme Court of Kentucky on behalf of their client, a former trustee of the Kentucky Retirement System (KRS). Plaintiffs, eight retired public employees and current members of the KRS’s defined-benefit retirement plan, brought suit against several former KRS trustees and officers alleging mismanagement of KRS fund investments resulting in the loss of over $100 million. Plaintiffs, however, according to the Supreme Court, failed to demonstrate a necessary element of constitutional standing under Kentucky law: an injury in fact that is concrete, particularized, and actual or imminent. The Court reasoned that because the Plaintiffs did not and could not claim that their vested or expected retirement benefits were reduced or otherwise made unavailable, they lacked standing to bring the entire action.