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.