Ohio

‘Shocking’: Dave Yost details secret texts and private emails exchanged at STRS Ohio

Published

9 months ago

March 21, 2025

‘Shocking’: Dave Yost details secret texts and private emails exchanged at STRS Ohio

A former State Teachers Retirement System board member relentlessly advocated for a firm looking to do business with the pension fund, even after the pension staff rejected the firm, according to new records filed by Ohio Attorney General Dave Yost.

Ten months ago, Yost sued to remove two members of the State Teachers’ Retirement System board, based largely on a memo from an anonymous whistleblower.

In a court filing this week, Yost and his team put more details into the public record and said they found a “shocking” level of covert coordination and communication with a firm looking to do business with the pension fund.

Wade Steen, a now former board member who is one of the targets of Yost’s lawsuit, sought to get at least part of the lawsuit dismissed.

Yost responded with a 16-page memo that accuses Steen of prioritizing secrets over transparency, failing to preserve records, failing to disclose his ties with QED, which sought to do business with STRS, and relentlessly advocating for QED’s proposal.

Steen served on the STRS board as an appointee of Gov. Mike DeWine. In May 2023, DeWine removed Steen and appointed a replacement.

Steen sued to get his seat back and a non-profit organization, Ohio Retirement for Teachers Association, paid the legal bills for Steen and STRS Board Chairman Rudy Fichtenbaum. That arrangement may conflict with state ethics laws.

Ohio Ethics Commission Director Paul Nick said he could not comment on ongoing investigations.

Steen won reinstatement but his term expired in September 2024.

The lawsuit against Steen and Fichtenbaum alleges that they violated their fiduciary duty to the pension system by working behind the scenes for QED, a relatively new investment firm.

Steen and Fichtenbaum have said they were searching for ways to cut pension fund costs and boost investment returns, to benefit retirees and teachers.

In early 2020, QED, formed by former state treasurer officials Seth Metcalf and J.D. Tremmel, pitched STRS board members and staff to partner on an investment opportunity. The strategy called for earmarking up to $65 billion, which could generate a $4 billion return.

In May 2020, STRS managers rejected the deal, in part because QED lacked a track record. In February 2021, the pension fund’s outside consultant, Cliffwater, also rejected the proposal.

The next month, QED told STRS that it no longer wanted to do business with the pension fund. But Steen and Fichtenbaum kept working with QED to advance the proposal, according to Yost. In November 2021, the duo made a presentation to fellow board members on QED’s proposal.

QED aligned with the Ohio Retirement for Teachers Association to help elect new board members who might be more open to the new strategy.

Steen has said in court filings that since he’s already off the STRS board, the lawsuit to remove him is moot. He has said he wants STRS to cut expenses and find investment opportunities that would yield higher returns. STRS staff stymied his efforts to get information to help improve the system.

Last year, Fichtenbaum declined to comment on the lawsuit but said in an online statement: “I have done nothing wrong and will continue to fight for the interests of STRS members.”

What evidence did Yost uncover?

Once STRS Chief Investment Officer Matt Worley rejected the QED pitch, Steen began challenging STRS’s returns, calculations and other data, according to the lawsuit.

At the same time, Steen communicated regularly with Metcalf and Tremmel via texts, personal email accounts and Signal, a private chat system that automatically erases messages. After STRS staff told QED no, these messages were exchanged:

Sept. 3, 2020: Metcalf tells Steen it’s best to use personal email addresses, not the STRS email accounts.
Sept. 20, 2020: Metcalf sends the QED business plan to Steen’s personal email.
Oct. 14 and Nov. 23, 2020: Metcalf ghostwrites emails for Steen.
Oct. 15, 2020: Metcalf sends Steen instructions during a pension board meeting.
Nov.13, 2020: Steen asks Metcalf for a list of questions or issues he could raise in the following week.
Nov. 19, 2020: Metcalf noted he’d email motions for a board member to read at the meeting.
Dec. 16, 2020: Metcalf sends a memo to Steen’s personal email.
Jan. 8, 2021: Steen asks Metcalf for input on changing STRS board policies.
Aug. 16, 2021: Tremmel provides info to Steen and Fichtenbaum for an STRS staff meeting.
Aug. 15, 2022: Metcalf tells Steen he sent him time-sensitive message via Signal.
Sept. 6, 2022: Steen seeks to coordinate a consistent message with Metcalf and Tremmel.
Oct. 19, 2022: Metcalf and Steen talk about exchanging messages and documents via Signal.

While Steen is no longer on the board, Yost wants to permanently block him from returning.

What’s happening at STRS?

The Ohio Retirement for Teachers Association and its allies on the board are pushing for several changes. They want to reinstate regular cost of living adjustments for retirees, cut down on administrative expenses and staff bonuses, dial back on higher-risk investments such as private equity funds, and increase transparency.

The board is made up of five teachers and two retired teachers elected by system members, three investment experts appointed by the governor, state treasurer, Ohio General Assembly and the director of the Department of Education and Workforce.

The board oversees about $95 billion invested on behalf of 500,000 teachers and retirees.

Board members aren’t compensated, and they have a fiduciary duty to act in the best interest of the system. State law allows the attorney general to bring a civil case to remove public pension board members if they violate that duty.

The attorney general is the legal counsel for the pension systems.

Laura Bischoff is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.

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Ohio

No. 21 Ohio State women beat Norfolk State 79-45

Published

12 hours ago

December 19, 2025

Press Room

No. 21 Ohio State women beat Norfolk State 79-45

COLUMBUS, Ohio (AP) — Kylee Kitts scored 13 points, Jaloni Cambridge added 11 and No. 21 Ohio State rolled past Norfolk State 79-45 on Thursday night for its eighth straight win.

Dasha Biriuk added 10 points for Ohio State, which is 10-1 overall and 7-0 at home.

Kitts was 6 of 12 from the field, and grabbed 10 rebounds to go with two steals and two blocks. Cambridge was 4-of-8 shooting and had eight rebounds and two steals.

Cambridge scored seven points in the first quarter as the Buckeyes jumped out to a 20-10 lead and built a 43-21 halftime advantage. Kitts and Cambridge each scored nine first-half points.

Ohio State outrebounded Norfolk State 55-32 and scored 21 points off 17 turnovers.

Jasha Clinton scored 18 points to lead Norfolk State (5-9). Ciara Bailey had 10 points and 11 rebounds.

Up next

Norfolk State plays at Elon on Sunday.

Ohio State hosts Western Michigan on Mondahy.

___ Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketball

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Ohio

Menards to pay 10 states, including Ohio, $4.25 million in rebate settlement

Published

1 day ago

December 18, 2025

Press Room

Menards to pay 10 states, including Ohio, .25 million in rebate settlement

COLUMBUS, Ohio (WCMH) — Ohio is part of a multistate lawsuit settlement against home improvement store Menards.

According to the state Attorney General’s Office, Ohio and nine other states reached the settlement with Menards, a Wisconsin-based home-improvement retail store, over allegations of deceptive rebate advertising.

The 10-state led investigation revealed that Menards would give shoppers the impression that they were getting an immediate discount while shopping through its advertising, when in fact, savings actually came in the form of a rebate or in-store credit.

The investigation raised concerns with Menards’ marketing strategy and sales practices, alleging the following of the company:

Advertised 11% off or 11% off everything that suggested an instant price cut, even though customers received only a rebate on future purchases.
Listed prices already at an 11% discount, reinforcing the idea that shoppers were getting an in-store discount.
Failed to clearly explain the important limits of the rebate program, burying key details in the fine print.
Tell customers that Rebates International was a separate company handling rebates, even though it is operated by Menards itself.

The settlement, announced Thursday, included an agreement by Menards that it would, in part, discontinue ads suggesting immediate discounts, clearly explaining the rules, limits, and conditions of its rebate program, and offer customers an easier path towards claiming rebates, both in person and online, among other changes.

In addition, Menards will pay participating states $4.25 million in fees, of which $365,173.05 will go toward the Ohio Attorney General’s Consumer Protection Enforcement Fund.

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Ohio

Ohio State dominate latest power ranking as nine Buckeyes rank inside Top 50 players

Published

2 days ago

December 18, 2025

Press Room

Ohio State dominate latest power ranking as nine Buckeyes rank inside Top 50 players

The honors continue to roll in for this Ohio State Buckeyes football team.

From young players ready for another College Football Playoff run next season to players hungry for one more run starting December 31 before the NFL Draft, this Ohio State Buckeyes team is loaded with talent headed into their seventh playoffs appearance since the CFP era began in 2014.

Five defensive players and four offensive players headlined a class of extremely talented Buckeyes. Indiana quarterback Fernando Mendoza took the No. 1 spot to go along with his Heisman and Maxwell honors.

An offensive Ohio State Buckeye took the No. 2 spot right behind Mendoza.

Ohio State Buckeyes linebacker Arvell Reese (8) tackles Michigan Wolverines running back Bryson Kuzdzal (24) during the NCAA football game at Michigan Stadium in Ann Arbor, Mich. on Nov. 29, 2025. Ohio State won 27-9. | Adam Cairns/Columbus Dispatch / USA TODAY NETWORK via Imagn Images

Wide receiver Jeremiah Smith takes the No. 2 spot

Jeremiah Smith was ranked behind Mendoza along with his gun-slinging sophomore quarterback. Julian Sayin was the second-highest ranked quarterback on the list at No. 5.

“Smith caught 80 balls for 1,086 yards and 11 touchdowns as a sophomore, but that doesn’t really tell the story…Smith commands double-teams constantly, draws the attention of everyone’s best corner, and has every defensive coordinator he faces scheming to slow him down. And none of it has mattered.”
ESPN’s David Hale

Smith is expected to have one more dominant season with the Buckeyes next season where fans hope to see him paired next to five-star recruit Chris Henry Jr. Senior wide receiver Carnell Tate has been an impressive receiving mate for Smith the past two seasons. Tate caught 48 passes, nine touchdowns, and had 838 yards. He ranked No. 26 in the rankings.

Offensive tackle Austin Siereveld ranked No. 44 as well.

The defense takes over

All five of Ohio State’s defensive players on the list ranked inside the top-22. Junior linebacker Sonny Styles sat at No. 21 to kick things off for the defense. The Buckeyes have had the best defense in college football for the entire season and these are the names that have made it happen. Projected first round NFL Draft Arvell Reese took the No. 16 spot.

“A new set of stars emerged to lead the nation’s No. 1 defense this fall, and Reese was undeniably front and center. He has thrived under new coordinator Matt Patricia, recording 6.5 sacks and 10 tackles for loss from the edge position and finished second on the squad with 62 total tackles…Reese was named Big Ten’s Linebacker of the Year and recorded a sack in six of Ohio State’s first eight games of the season.”
ESPN’s Adam Rittenberg
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Defensive linemen Kayden McDonald and Caden Curry ranked at No. 13 and No. 11 respectively. Safety Caleb Downs was the highest ranked defensive Buckeye at No. 7. Downs is a simply a lockdown player who can play corner or safety while still being able to tackle at a high level. If he chooses to declare for the NFL Draft after the season is over, he’ll be slated to go within the top 10 in most mock drafts.

Opposing quarterbacks only targeted downs 20 times for the entire season. Only nine passes were caught on his watch as the primary defender.

“The longest completion he gave up was 17 yards. A 14-yard completion in the second quarter of the Big Ten title game was the first one he’d given up in nearly two months. There is not a more lockdown corner in the country than Downs.”
ESPN’s David Hale

The Ohio State Buckeyes are waiting for the winner of the No. 10 Miami Hurricanes against the No. 7 Texas A&M Aggies in the first round of the College Football Playoffs this Saturday at 12:00pm Eastern on ABC/ESPN.

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