A lawsuit was filed recently by two Birmingham law firms against the Retirement Systems of Alabama and several RSA executives. The lawsuit, which seeks class-action status, claims that the RSA made bad investments in Alabama. Based on what I know about Dr. David Bronner and his staff, I will be surprised if this case gets very far. I will be shocked if Dr. Bronner, the RSA Chief Executive Officer, and the 25 other RSA executives and board members named as Defendants have done anything wrong. Interestingly, among the Defendants are Gov. Robert Bentley and Dr. Paul Hubbert.
The named Plaintiffs in the suit filed in state court are Tonya Denson and Venius Turner, each identified as an RSA member and an Alabama resident. If a class is approved by the court the number of Claimants could exceed 10,000 people. The Teachers’ Retirement System provides coverage for about 230,000 teachers, former teachers and other public employees in Alabama and has about $19 billion in assets. It is a large part of the system. Over the years, RSA has been highly successful and in my opinion, Dr. Bronner has been good for Alabama.
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