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The article reports that three Louisiana public pension funds say they will launch an examination of the financial records of hedge fund Fletcher Asset Management. The funds, which collectively have $100 million invested with Fletcher, acted after Fletcher responded to their requests for redemptions by issuing promissory notes.

The article focuses on possible discrepancies with the hedge fund Fletcher Asset Management. It states the fund, run by hedge-fund manager Alphonse Fletcher Jr., assured 12 percent returns a year. It mentions three public pension boards in Louisiana for firefighters and other public employees signed on in 2008 but were sent promissory notes in satisfaction of the redemption request instead of payment in June 2011. It talks about several unorthodox methods the fund used in calculating its value.