U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery, according to sources and documents reviewed by Reuters.
PSERS says eight staffers have hired fund-paid lawyers to represent them as the FBI investigates the plan. PSERS will pay up to $40 million in legal bills in any one year for staffers.
The bank’s nascent RIA custody unit reached an agreement to custody assets for Steward Partners, an independent firm previously associated only with Raymond James Financial Services, two sources with knowledge of the deal said.