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

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‘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.

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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.

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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.

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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.”

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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.

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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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Will reigning champion Ohio State football land five-star lineman Jackson Cantwell?

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Will reigning champion Ohio State football land five-star lineman Jackson Cantwell?


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Days after winning the College Football Playoff National Championship, Ohio State coach Ryan Day sat in the Nixa High School coaching offices alongside five-star prospect Jackson Cantwell. It was his first recruiting stop after lifting the trophy over his head.

Ohio State is one of four teams hoping the No. 1 recruit in the 2026 class will choose them come April 30. The Buckeyes are the only program that can sell Cantwell on being the reigning champion.

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“They’re the best team in the country right now,” Cantwell said. “Ohio State’s a really good situation.”

The 6-foot-8, 300-pound Nixa High offensive tackle will select between the Buckeyes, Georgia, Miami (Florida) and Oregon. He’s made two visits to Columbus in the last five months while trying to gather as much information as possible about the turnover at the offensive line coach position.

Day, who is more hands-on with the quarterbacks, had to hire a new offensive line coach this offseason after Justin Frye left the program to take over the same position for the NFL’s Arizona Cardinals. Frye had been with OSU since 2022 and helped make offensive tackle Paris Johnson Jr. the sixth-overall pick in the 2023 NFL Draft.

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Frye’s departure led to three Ohio State hires who will impact Cantwell’s decision.

Tyler Bowen, formerly the offensive coordinator at Virginia Tech, was brought on as the new offensive line coach. Bowen hasn’t served as an offensive line coach since 2017, when he was at Maryland. Marcus Johnson, who was Purdue’s offensive line coach last year before the Boilermakers’ staff was fired, is the team’s assistant offensive line coach. Charlie Dickey will also serve as an offensive line assistant, having held main roles at Oklahoma State and Kansas State in recent years.

“They’ve hired a lot of great offensive line coaches,” Cantwell said. “They’re putting a lot of emphasis on it and are trying to make sure they develop those guys.”

What Jackson Cantwell has said about Ohio State football, Ryan Day

Cantwell in February: “Ohio State’s an interesting one for me. They have Ryan Day, who has done a fantastic job and is probably the most underrated coach in college football. He’s one of the best coaches in college football. I still sometimes don’t even think Ohio State likes him, and I couldn’t tell you why. I think they have a great offense year in and year out.

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“Their offensive line did incredible last year, but I think the interesting thing is that they’ll have a different offensive line coach because he left to go to the Cardinals, and now they have a guy who hasn’t coached O-line since 2016. It’ll be interesting to see how that works out.”

When Ohio State football offered Jackson Cantwell

Ohio State offered Cantwell in October 2023. When announcing his offer, he said he received it from Buckeyes general manager Mark Pantoni.

When did Jackson Cantwell visit Ohio State football?

Cantwell has visited Ohio State twice in the last five months.

The first came in mid-December ahead of the Buckeyes’ first-round College Football Playoff win over Tennessee. He returned to Columbus for a two-day visit in March, where he was able to meet with Bowen, the new OSU offensive line coach, for the first time.

Ohio State football offensive linemen NFL Draft picks since 2020

Ohio State will likely have multiple offensive linemen selected in this week’s NFL Draft.

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ESPN ranks Josh Simmons as the fourth-best offensive tackle, Donovan Jackson as the fourth-best guard and Seth McLaughlin as the second-best center.

  • 2023 – Paris Johnson Jr. (Sixth overall pick)
  • 2023 – Daward Jones (Fourth round)
  • 2023 – Luke Wypler (Sixth round)
  • 2022 – Nicholas Petit-Frere (Third round)
  • 2022 – Thayer Munford (Seventh round)
  • 2021 – Josh Myers (Second round)
  • 2021 – Wyatt Davis (Third round)
  • 2020 – Jonah Jackson (Third round)

Ohio State football 2025 offensive line roster makeup

  • Seniors – 3
  • Juniors – 4
  • Sophomores – 5
  • Freshmen – 4

Ohio State football 2025 offensive line recruiting class

Carter Lowe — Four-star offensive tackle ranked as the No. 72 player in the 2025 class.

Jake Cook — Three-star interior offensive lineman.

Jayvon McFadden — Three-star offensive lineman.

Ethan Onianwa — Offensive tackle transfer from Rice.

Phillip Daniels — Offensive tackle transfer from Minnesota.

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Ohio State Buckeyes Star Made Major Impression During NFL Draft Interviews

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Ohio State Buckeyes Star Made Major Impression During NFL Draft Interviews


Emeka Egbuka spent the last two seasons behind two of the best wide receivers to ever wear the Scarlet and Gray. He emerged during the Ohio State Buckeyes’ playoff run on the national stage and started turning people’s heads.

Now as the NFL Draft is just a few short days away, Egbuka has become one of the most beloved draft prospects on the board. 

On Monday, ESPN NFL Analyst Peter Schrager said Egbuka has “won the interview process and is universally beloved” as a person and that just adds to what he can do on the field.

Those in Columbus are more than familiar with what Egbuka can do between the white lines. If he were any of the other 133 Division 1 FBS schools, he would be the number one receiver and would lead the team in yards. 

Unfortunately for him, he found himself as the second option in Columbus in back to back years. It didn’t stop him from producing at a high level.

In 2024, he compiled 81 catches for 1,011 yards and 10 touchdowns on the year. He had at least five catches and 51 yards in each of the four playoff games. The lasting Egbuka memory for Ohio State will be the touchdown that he caught in the Rose Bowl against the Oregon Ducks. 

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Egbuka is a special talent and now the world has discovered his character. He was one of the unquestioned leaders of both the Buckeyes’ offense and the entire team. On countless occasions, superstar Jeremiah Smith referenced the Egbuka as a leader and a teacher helping the young phenom along the way.

When he does hear his name called on Thursday or Friday night, that team he goes to will be getting significantly better. He has the tools to be an elite wide receiver in the NFL and he has the character to be around the league for a very, very long time.

It is no surprise that he has won the pre-draft interview process and is universally beloved by many of the NFL organizations. 





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NFL Draft Trivia: Test Your Knowledge On Ohio State's NFL Draft History

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NFL Draft Trivia: Test Your Knowledge On Ohio State's NFL Draft History


Put on your thinking caps and grab your favorite drink, it’s time for a special edition of Ohio State trivia.

With the possibility of 15 Buckeyes getting selected this year, we put together a 15-question quiz based on Ohio State’s history in the NFL draft. As we wait for the draft to begin on Thursday, when Ohio State will hope to have multiple first-round selections on its way to a record-setting draft, it’s time to test your knowledge of your favorite team and the NFL draft.

There are two simple rules: Please use your brain (not a search engine) and only play once.

Note: After you answer all of the questions, you must click on “Finish Quiz” to see your results.

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