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KCERA Sues Wilshire Associates

Kern County Employees’ Retirement Association has filed a lawsuit against Wilshire Associates for loss of about $4 million from investing with Westridge Capital Management.

Kern County Employees’ Retirement Association (KCERA) has filed a lawsuit against Wilshire Associates for loss of about $4 million from investing with Westridge Capital Management, Pensions & Investments reports. Wilshire has been accused of breach of fiduciary duty, negligence and for offering misappropriate investment consulting advice to KCERA.

Steven Walsh, Paul Greenwood and their affiliates at Westridge/WG Trading Investors have been blamed of causing the loss due to unpermitted investments and misappropriation of money for personal use. KCERA had committed $115 million with Westridge, out of which it recovered about $72 million.

Click here for the story from Pensions & Investments.

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