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Disability Insurance Fund Could Go Broke

Last updated on Tuesday, May 19, 2009

(UNDATED) - State School Superintendent Tony Bennett says he’s “incredibly disappointed” at reports a disability-insurance fund could go broke because of a series of high-risk investments.

The Indiana Department of Insurance, the FBI, and Secretary of State Todd Rokita are investigating whether the manager of the Indiana State Teachers Association's Disability Trust Fund churned through an excessive number of trades, or merely made bad investment decisions.

Bennett says if he were a local superintendent relying on the fund, he'd have attorneys examining every possible option.

He says he'll leave it to the investigating authorities to determine what comes next from the state's perspective.

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