City of Louisville v. Stock Yards Bank & Trust Co.

LAMBERT, Justice.

Appellant, City of Louisville, brought this action for damages and injunctive relief against appellees, trustees of the Policemen’s Retirement Fund of the City of Louisville, and various other parties including a bank, a brokerage firm, investment advisors and stock brokers with whom the Fund had entered into contracts and engaged in investment activities. In substance, appellant alleged the existence of a scheme whereby improper fees and commissions were paid from the assets of the Policemen’s Retirement Fund. Appellees moved to dismiss the complaint on grounds that…