Wistow Files First Subpoena in St. Joseph Pension Fund Receivership Case
Saturday, October 21, 2017
Special investigator Max Wistow, who is working with the court-appointed receiver Stephen Del Sesto in the effort to potentially recover funds for the distressed St. Joseph Health Service pension fund has filed the issuance of the first subpoena.
First to receive the subpoena — St. Joseph Health Services of Rhode Island Retirement Plan — the entity now in distress.
Among the materials being sought, Wistow has requested all documents regarding the “plan as a church plan,” all trust agreements, all documents relating to investments or recommendation concerning the assets of the plan, all board meeting documents, as well as payroll expense accounts.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThis subpoena by Wistow issued under powers of the receiver is the first of what could be dozens and dozens.
The seven-page sweeping request begins the investigative phase of the effort to identify any potential funds that can be recovered on behalf of the retirees. Presently, the retirees are facing cuts to their benefits potentially as early as February 1, 2017. Del Sesto said that he anticipated that some level of cuts will be implemented early in 2018 to the payments to retirees. He said it is too early to know the exact amount of the cuts and how the different classes of members of the pension fund will be impacted. WATCH THE FULL INTERVIEW.
Wistow, known as a tenacious litigator, successfully recovered more than $60 million for the state of Rhode Island in the 38 Studios lawsuits.
Wistow looks to be zeroing in on the different healthcare companies who flipped St. Joseph first from being owned by the Diocese of Providence to the then-Roger Williams Medical Center, and then from Roger Williams/CharterCARE to Prospect of California. The list of targets could include a range of law firms, accounting firms, the Diocese of Providence, the Rhode Island Attorney General, and a range of other financial services firms tied to the management of the fund and/or the mergers.
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