A short update on the Mayberry v. KKR, a pathbreaking public pension suit targeting customized hedge funds designed for the sitting duck Kentucky Retirement Systems by Blackstone, KKR, and PAACO. The litigation is on track to becoming a Jarndyce v Jarndyce level case study in the (mis)use of procedure to delay a case.
I neglected to add that one reason for trying another amendment as opposed to a new filing would be to assure that Shepherd remained the trial judge. New cases are assigned randomly to judges and the other judge in Frankfort is pro-corporate. However, the Attorney General’s Motion to Intervene was assigned to Shepherd’s colleague, and he bounced it over to Shepherd, so that risk looks to no longer be operative.
Author: Yves Smith
Publication Date: 8 January 2021
Publication Site: naked capitalism