Judge Ousts Ohio Teachers’ Pension Chair, Permanently Bars Two Over Fiduciary Breaches

Overview

• Franklin County Common Pleas Judge Karen Held Phipps ordered Rudy Fichtenbaum removed as STRS chair and issued a permanent ban on him and Wade Steen serving on the board.
• Ohio Attorney General Dave Yost, who brought the civil case, praised the ruling as a permanent injunction after the court found clear and convincing evidence of repeated breaches of duty.
• The judge concluded the pair effectively worked for QED principals Seth Metcalf and JD Tremmel, with records showing QED associates fed Steen suggested questions and documents via Signal.
• The QED pitch touted AI, machine learning and the Ohio Supercomputer to replicate index returns while generating extra income, but STRS investment supervisor Matthew Worley rejected it as too vague and risky.
• The proposal never reached a vote, and defense attorneys argued no financial gain was proven and no harm occurred despite the state’s case and an earlier whistleblower memo referencing a $65 billion partnership claim.