Both the whistleblower and the startup investment firm she accused of corruption testified during the trial regarding the alleged scandal inside the retired teachers' pension fund board.

Columbus

A case involving alleged corruption at the State Teachers Retirement System (STRS) of Ohio is nearing its conclusion, with a judge set to hear closing arguments. The case centers on whether STRS board chair Rudy Fichtenbaum should be removed and whether former board member Wade Steen should be banned from public pensions, following accusations that they tried to steer a significant portion of pension assets to a startup investment firm.

Testimony included statements from STRS chief legal counsel Stacy Wideman, who raised concerns about unprecedented actions at STRS and the safety of teachers' retirement funds. The defense argued that their clients were being punished for challenging the status quo, while the state presented evidence of close ties between the accused and the investment firm. The judge is expected to rule in the coming months.

Whistleblower at center of STRS scandal testify corruption case

Soon, a judge will receive closing arguments in a case that could impact the retirements of half a million Ohio teachers. The issue, whether the leader of the teacher's pension fund should be removed after the state accused him of corruption. Columbus Bureau reporter Morgan Trau has been covering this case from the beginning and explains now what the judge will soon consider. Should the state teacher's retirement system board chair Rudy Fichtenbaum be removed from his position? And should former board member Wade Steen be banned from ever returning to public pensions? For the state of Ohio, that's an easy answer. A lot of egregious conduct. But the defense says that their clients are being punished for going against the status quo. State teachers was not dealing in good faith. This case began with an anonymous whistleblower letter. Then, the attorney general accused Fichtenbaum and Steen of trying to steer 70% of STRS assets to QED. A startup investment firm run by Seth Metcalf, who the AG described as having no track record, clients, or capability to invest billions of dollars. At trial, one of the whistleblowers spoke up. STRS chief legal counsel Stacy Wideman. Unusual kind of unprecedented things that were occurring at STRS that caused us belief that the teacher's money could be at risk. When Metcalf took the stand, he argued that he was just trying to fix a broken system. I was concerned that STRS investment mismanagement had resulted in a decrease in benefits to Ohio's teachers. The state says that Metcalf worked behind the scenes to try to illegally secure a $65 billion deal. Wideman pointed out concerns that Steen and Fichtenbaum were too close with Metcalf. Through a public records request, we uncovered hundreds of text messages where Steen was given questions to ask during board meetings and documents to propose. Pushing him to follow QED's plan. And Steen did. I am writing content as though I am Mr. Steen. My intention for him to send that content. The defense says that getting advice isn't a crime. But the state asked if getting advice meant sharing confidential documents with Metcalf. Staff often stamp things confidential that I did not believe was confidential. But with Steen already off the board, his team argues that this case is meaningless. But for Wideman, it isn't. Fichtenbaum told us in mid-2024 that he would still be open to considering a deal with QED. Would it be worth having somebody vetting that idea and looking at it? These individuals were still lingering at STRS years after failing due diligence. Each side is drafting their closing arguments. And the judge will rule in the next couple of months. At the Ohio Statehouse, I'm Morgan Trau reporting.

World leaders are gathering at the heart of the Amazon for global climate summit COP30 in Belem, Brazil, with Earth set to surpass 1.5 C of warming in the next decade, a climate change skeptic in the White House and worry that global co-operation to fight climate change is collapsing.

Belém

World leaders gather in Brazil for COP30 climate summit

Tesla shareholders approved a historic pay package worth one trillion dollars to the company's CEO, Elon Musk. At the company's annual meeting they paved the way for Musk to become the world's first trillionaire.

San Francisco

Tesla approves $1 trillion pay deal for CEO Elon Musk

The White House meeting came after Trump managed to at least temporarily ease tensions between the U.S. and China over the export of rare earth metals, a major source of contention in their trade talks.

Washington

Trump hails Central Asian leaders to forge critical mineral ties

Sudan's army rebuffed a U.S. proposal for a ceasefire and said it will rally public support to fight rebels who've captured much of the western half of the country.

Johannesburg

Sudan army rebuffs U.S. ceasefire proposal, prepares to fight on

The U.S. Senate narrowly voted 51-49 to block a resolution that sought to prevent President Donald Trump from launching strikes on Venezuela without congressional approval. The measure, led by Senators Tim Kaine, Adam Schiff, and Rand Paul, followed reports that U.S. forces have carried out at least 16 strikes on boats off Venezuela since September, killing more than 65 people.

Washington County

U.S. war on drugs: Senate republicans block move to stop boat attacks

In a video letter to her constituents, California Democrat Nancy Pelosi ended months of speculation about her political future, announcing she would not seek reelection to Congress. Elected in 1987, Pelosi would become the most powerful women in politics as the first female House speaker.

Nancy Pelosi announces retirement after historic career in Congress

Israel’s military says it has begun conducting “a wave of strikes” targeting Hezbollah military sites in southern Lebanon.

Tyre

Israel launched ‘wave of strikes’ in southern Lebanon despite truce

Russian President Vladimir Putin ordered his government to submit proposals to potentially resume testing nuclear weapons. This comes after President Trump directed the Pentagon to resume nuclear weapons testing "on an equal basis" with other countries.

Moscow

Putin orders proposals for resuming nuclear weapons testing

The U.S. Supreme Court heard arguments challenging President Trump's authority to impose sweeping tariffs on foreign countries, with justices expressing skepticism about whether such actions fall within presidential powers or infringe on congressional authority over taxation.

Global Tariffs

Supreme Court justices appear skeptical of Trump's tariffs policies

The US government shutdown is now in its 36th day—a record-breaking length. While both political parties blame each other, the result is being felt by the public. Hundreds of thousands of federal workers are going without pay, and government programs like food benefits have been slashed.

Republicans and Democrats trade blame as shutdown drags on

At least 90 people in the central Philippines have died in floods and heavy rains caused by Typhoon Kalmaegi. 75 others are missing. Tens of thousands have been evacuated after rains flooded homes and streets, swept away vehicles and left people trapped on their roofs.

Manila

Dozens killed as Typhoon Kalmaegi hits central Philippines

President Trump hosted a breakfast for Republican senators at the White House on Wednesday morning, where he urged them to end the filibuster as the government shutdown hits a historical milestone.

Trump doubles down on Republicans as government shutdown makes history

At least nine people were killed, officials say, after a UPS cargo plane crashed near the airport in Louisville, Kentucky. Video shows the jet's left wing on fire as it tries to take off before quickly losing altitude and exploding.

Louisville

Video shows moment UPS plane crashes in Kentucky, killing nine

People around the world are reacting to Zohran Mamdani's win in the New York City mayoral race against former New York Gov. Andrew Cuomo and Republican Curtis Sliwa. CBS News' Ramy Inocencio spoke to Mamdani's mentor in his native Uganda about the election results.

New York

World reacts to Zohran Mamdani's win in NYC mayoral race

Typhoon Kalmaegi left a trail of destruction in the central Philippines, as the powerful storm unleashed heavy rains and floods across Visayas islands region. It's now headed towards the South China Sea and Vietnam where preparations are underway ahead of its expected landfall.

Visayas

Deadly Typhoon Kalmaegi lashes Philippines, heads towards Vietnam

A centuries-old legislative practice in the U.S Senate is being blamed as the latest roadblock in resolving the federal government shutdown. That shutdown is now in its 35th day—equaling the longest in the country's history.

Filibuster blamed for deepening U.S government shutdown

Injuries have been reported after a UPS plane crashed near the Louisville International Airport on Tuesday, officials said.

UPS plane crashes near airport in Kentucky, officials say

The U.S. Senate's 14th vote on a House-passed continuing resolution to fund the government has failed, setting up the shutdown to become the longest ever in American history.

Senate vote fails again to reopen government

A new UN report reviews the gap between countries’ climate commitments and global emissions targets.

UN report reveals climate pledges 'barely moving the needle'

Peru has severed diplomatic relations with Mexico after learning that former prime minister Betssy Chávez, accused of helping ex-president Pedro Castillo attempt a coup in 2022, has taken refuge in the Mexican embassy in Lima.

Lima

Peru cuts ties with Mexico over asylum for ex-prime minister

Former U.S. Vice President Dick Cheney has died at the age of 84. He was a major force in the Republican party for more than 30 years and served as vice president under former President George W. Bush.

Breakdown