Latest news with #Wingate
Yahoo
13-05-2025
- Business
- Yahoo
Judge declines to OK settlement in challenge of hedge funds' handling of KY pension money
Franklin Circuit Judge Thomas Wingate has issued a ruling that appears to be a win for four state employees who are suing hedge funds over controversial investments made on behalf of state public pension funds. (Kentucky Lantern photo by McKenna Horsley) FRANKFORT — Franklin Circuit Judge Thomas Wingate has declined to approve a final settlement in the longrunning lawsuit against big hedge funds over their role in controversial investments by the Kentucky Retirement Systems more than 13 years ago. The settlement was announced Jan. 8 by Kentucky Attorney General Russell Coleman, who said the hedge funds had agreed to pay $227.5 million to Kentucky's pension programs for public employees. But in a four-page order, Wingate said, 'The Court is left without a sufficient reason as to why the Court's approval is necessary for this settlement or why this Court is being asked to make findings that the Court is without sufficient knowledge to make.' Wingate wrote that he 'welcomes the parties to settle the matter as they best see fit, however, the Court declines to bless an agreement and enter an order that asks the Court to make findings that the Court believes to be outside of its role.' While the order leaves open the door to further settlement talks, it is a setback for Coleman, the hedge funds and the other parties who had presented a proposed final settlement order to Wingate for his approval. Kevin Grout, a spokesman for Coleman's office, said late Monday, 'We're reviewing the court's order and discussing with the Kentucky pension board leaders.' The order appears to be a big win for four Kentucky public employees who filed a separate case against the same hedge funds. That's because a key part of the proposed settlement order would have required that their case, as well as other related cases, be dismissed. The employees in that separate case are represented by attorney Michelle Ciccarelli Lerach. A spokesman for Lerach said Lerach is reviewing Wingate's order and will release a statement later this week. Wingate's Friday order also included a directive that will slash the potential amount that could be paid in fees to attorneys who represent Coleman's office in the case. The contract between Coleman and those private attorneys led by Ann Oldfather, of Louisville, calls for the fees to be 20% of the first 20% of gross recovery in the case. The proposed settlement called for hedge funds to turn over $227.5 million, but that total had two parts — $82.5 million in new money plus $145 million held in reserve by Prisma, one of the hedge fund companies that are defendants in the case. KY state workers group blasts pension settlement with hedge funds, presses its own lawsuit Wingate's order said the $145 million has belonged to Kentucky's pension funds all along and is 'not to be considered 'recovered funds' and/or a portion of the 'settlement recovery' for the purpose of determining attorneys' fees.' Don Kelly, the attorney representing Blackstone, one of the defendants in the case, emphasized in a statement Monday that Wingate's order leaves the door open for the parties to settle the case. 'The settlement is clearly in the best interests of the Commonwealth and its pensioners and will result in significant assets being paid to the pension plans,' Kelly said. 'As stated by the Attorney General and the KPPA (Kentucky Public Pension Authority), who are best positioned to make decisions in the public interest, now is the time to put an end to this long running expensive and distracting litigation.' From the case's outset the hedge funds have denied allegations that the investments resulted in high fees, low transparency and massive losses for Kentucky public pension plans. Kelly said in his statement Monday that Blackstone Alternative Asset Management had 'delivered a net return of 30 percent on investment.' CommonwealthvKKROrder5-12-25
Yahoo
06-05-2025
- Yahoo
Overnight lockdown lifted at Wingate University after man reportedly spotted with gun
WINGATE, N.C. (QUEEN CITY NEWS) — A lockdown at Wingate University has been lifted after two men allegedly tried to fight a student, the university confirms. Around 10:41 p.m. on Monday, May 5, an alert was sent out that the campus was on lockdown and all doors and windows should be secured. School officials say two men went to Helms Residence Hall wanting to physically fight a Wingate student after something that had happened earlier. The student called 911 when they noticed that one of the men had a handgun. 12-year-old pleads guilty to arson in Lancaster Walmart fire: SC Solicitor Around 12:46 a.m. on Tuesday, the lockdown was lifted when police determined that the men had left campus and there was no longer a threat. Police say it is still unconfirmed whether a gun was carried on campus. An investigation into the incident is still ongoing. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to Queen City News.
Yahoo
26-04-2025
- Business
- Yahoo
Gatwick plots higher parking fees to secure second runway
Gatwick bosses have put forward plans to raise car drop-off and parking charges in an effort to secure approval for a second runway. The airport has outlined the proposals as part of a submission to the Planning Inspectorate, which earlier this year said Gatwick must ensure that at least 54pc of travellers use public transport to get there if it wants to see unrestricted flights from a second landing strip. Stewart Wingate, the airport's chief executive, said that since it has no control over trains, the main way it could stop people arriving by car was to raise fees. He said: 'We'd be trying to influence people who were making that marginal decision of 'should I drive and drop off or use the car parks, or should I use the rail services?' 'The forecourt drop-off charge is the mechanism we can use. We could start to increase that drop-off charge. If we adjust that upwards we would also make changes to the car parking tariffs as well.' Gatwick currently charges £6 for a drop-off to be completed within 10 minutes, payable by taxis as well as private cars. Every further minute costs an extra £1 up to a maximum of 30 minutes for a total of £26. The headline fee increased from £5 at the start of 2024, a move that sparked outrage at the time. Drivers on social media branded the increase a 'rip-off' and 'absolute joke'. Heathrow raised its drop-off fee to £6 in January while Stansted charges £7, so any rise would most likely make Gatwick the city's most expensive airport for drivers. Mr Wingate said higher charges for cars would be introduced as a last resort if an insufficient number of people used the train and did not specify how big the increase might be. Proposals to raise the charges come after Heidi Alexander, the Transport Secretary, failed to approve Gatwick's runway plans in an initial ruling on Feb 27. The airport is seeking approval to bring a second emergency runway into everyday use, with the £2.5bn project set to add 100,000 flights a year, almost doubling capacity to 75m passengers. While indicating that she was minded to back the scheme, Ms Alexander said the airport should take account of changes proposed by the Planning Inspectorate. Officials are concerned that waving through the plans could lead to more congestion on the already busy roads around Gatwick. A government source said the submission from Gatwick represented 'encouraging progress.' Gatwick said it would initially engage with train and coach operators, the Department for Transport and Network Rail on more direct efforts to lift the proportion of people using public transport beyond the current level of 45pc. Mr Wingate said: 'We're trying to give the Government a pragmatic, sensible and rational pathway which achieves the objective of reduced road congestion and allows them to support the runway.' Gatwick, owned by French construction giant Vinci, had until Friday to submit a formal response to the blueprint proposed by the Planning Inspectorate. The airport said it would also accept a reduction in the expanded airport's noise footprint from 135 sq km to 125 sq km, while seeking the disclosure of evidence supporting the tighter restrictions, which it warned could limit the use of some larger aircraft. While a consultation must be launched to allow all parties to respond, a government source said a final decision on the runway plan will be reached as soon as possible ahead of an October deadline. Additional reporting by Max Head. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
26-04-2025
- Business
- Telegraph
Gatwick plots higher parking fees to secure second runway
Gatwick bosses have put forward plans to raise car drop-off and parking charges in an effort to secure approval for a second runway. The airport has outlined the proposals as part of a submission to the Planning Inspectorate, which earlier this year said Gatwick must ensure that at least 54pc of travellers use public transport to get there if it wants to see unrestricted flights from a second landing strip. Stewart Wingate, the airport's chief executive, said that since it has no control over trains, the main way it could stop people arriving by car was to raise fees. He said: 'We'd be trying to influence people who were making that marginal decision of 'should I drive and drop off or use the car parks, or should I use the rail services?' 'The forecourt drop-off charge is the mechanism we can use. We could start to increase that drop-off charge. If we adjust that upwards we would also make changes to the car parking tariffs as well.' Gatwick currently charges £6 for a drop-off to be completed within 10 minutes, payable by taxis as well as private cars. Every further minute costs an extra £1 up to a maximum of 30 minutes for a total of £26. The headline fee increased from £5 at the start of 2024, a move that sparked outrage at the time. Drivers on social media branded the increase a 'rip-off' and 'absolute joke'. Heathrow raised its drop-off fee to £6 in January while Stansted charges £7, so any rise would most likely make Gatwick the city's most expensive airport for drivers. Mr Wingate said higher charges for cars would be introduced as a last resort if an insufficient number of people used the train and did not specify how big the increase might be. Proposals to raise the charges come after Heidi Alexander, the Transport Secretary, failed to approve Gatwick's runway plans in an initial ruling on Feb 27. The airport is seeking approval to bring a second emergency runway into everyday use, with the £2.5bn project set to add 100,000 flights a year, almost doubling capacity to 75m passengers. While indicating that she was minded to back the scheme, Ms Alexander said the airport should take account of changes proposed by the Planning Inspectorate. Officials are concerned that waving through the plans could lead to more congestion on the already busy roads around Gatwick. A government source said the submission from Gatwick represented 'encouraging progress.' Gatwick said it would initially engage with train and coach operators, the Department for Transport and Network Rail on more direct efforts to lift the proportion of people using public transport beyond the current level of 45pc. Mr Wingate said: 'We're trying to give the Government a pragmatic, sensible and rational pathway which achieves the objective of reduced road congestion and allows them to support the runway.' Gatwick, owned by French construction giant Vinci, had until Friday to submit a formal response to the blueprint proposed by the Planning Inspectorate. The airport said it would also accept a reduction in the expanded airport's noise footprint from 135 sq km to 125 sq km, while seeking the disclosure of evidence supporting the tighter restrictions, which it warned could limit the use of some larger aircraft. While a consultation must be launched to allow all parties to respond, a government source said a final decision on the runway plan will be reached as soon as possible ahead of an October deadline.
Yahoo
04-04-2025
- Automotive
- Yahoo
Myrtle Beach Hyundai dealer to ‘see what happens' with tariff impacts
MYRTLE BEACH, S.C. (WBTW) — Car dealerships are preparing for changes after President Donald Trump placed a 25% tariff on auto imports, and a Myrtle Beach Hyundai dealer discussed what impacts those changes could have. Car dealers in the Grand Strand and Pee Dee are bracing for the unknown after the tariff on imported cars was announced. Vehicle prices are eventually expected to spike once the tariffs take full effect. Myrtle Beach Hyundai General Manager Robert Wingate isn't sure what's in store. 'We're just going to have to go day by day and see what happens,' he said. Korean-manufactured Hyundais shipped into the U.S. are expected to get a 25% tariff, but Hyundais already on the lot now would not be subject to those tariffs. 'Ultimately, what matters the very most is that the consumer keeps coming here to buy a car,' Wingate said. 'So we're all going to have to do whatever it takes to keep that happening.' Although Wingate feels customers aren't panic-buying cars at his dealership, some Hyundai shoppers — who did not want to speak on camera — told News13 they bought their car last week because of the uncertainty surrounding the tariffs. Others prepared for uncertain tariff outcomes and worry about its impact on the economy. 'I had to order car parts before the tariffs went into effect because I didn't want to pay 25% more,' Myrtle Beach visitor John Voelp said. 'I had to get some work done on the car, so I had to buy fenders. And the tariffs are going to be on parts that are made overseas as well.' But some feel as though the tariffs could help the working class American. 'We remember when I was a kid, Detroit was a booming place. They were making cars left and right,' Myrtle Beach resident Edward Hunter said. 'Now, they don't make them there anymore because they send all the jobs overseas. Well, maybe it's about time you start building them here.' Hunter said sometimes things can get bad before they get better. 'My mom lived through World War II when things were really bad,' he said. 'Sometimes, things got to get a little bad and get a little better.' Wingate says Hyundai Motor America will not change its pricing at this time as tariffs take effect. * * * Gabby Jonas joined the News13 team as a multimedia journalist in April 2024. She is from Columbus, Ohio, and graduated from Kent State University in May 2023. Follow Gabby on X, formerly Twitter, Facebook or Instagram, and read more of her work here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
