An Ohio judge has permanently barred two former State Teachers Retirement System board members from serving again, ruling they violated their legal duty to act in the best interest of teachers and retirees.
In a decision issued Thursday, the court found that Wade Steen and Rudy Fichtenbaum breached their responsibility to safeguard the retirement system. The ruling orders a permanent injunction preventing both men from serving on the STRS board in the future. Fichtenbaum was also officially removed from his board position as part of the order.
The case was brought by Ohio Attorney General Dave Yost, who argued the two men engaged in conduct that put the financial security of hundreds of thousands of educators and retirees at risk.
In a statement following the ruling, Yost said the court’s decision confirms the men failed to uphold the standards required of them as board members.
