State lawmakers to hold hearing on MBTA pension loss and lack of transparency

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The Legislature’s Joint Committee on Public Service will hold a hearing Feb. 25 on a recent investment loss at the MBTA pension fund and the fund board’s refusal to make records open to the public.

The hearing, scheduled for 11 a.m., will examine the pension fund’s $25 million loss on a hedge fund investment with Fletcher Asset Management in New York. The investment was recommended to the fund’s board by their former chief executive, Karl White, in 2007, less than a year after he had left the fund to work for Fletcher.

White, who no longer works for Fletcher, has denied wrongdoing in the matter. Fletcher is under investigation by federal authorities and the MBTA pension fund is facing a probe by Attorney General Martha Coakley.

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