The good folks at Naked Capitalism made note of a lawsuit where Current trustees of the Kentucky Retirement System are considering joining a lawsuit against them.

Basically, they are considering including former trustees and staff as targets for the roughly $1½ billion that the hedge funds lost at the dog track.

The fact that they are going after their predecessors is significant, but to my mind, the thing that makes this more than a legal long shot is the fact that the hedge funds have been sufficiently spooked to ask the judge to have the bulk of the proceedings sealed.

If the hedge funds are worried enough about this to do this, than this suit has a real possibility of holding them to account.