Lawyer: State investment suit continues

Associated Press

Updated: Sep 7, 2010 5:43 PM

A former chief investment officer of New Mexico's educational pension plan is moving ahead with a whistle-blower lawsuit seeking to recover money for the state because of alleged fraud involving public investments.

Albuquerque lawyer Victor Marshall said Tuesday that a court ruling last week keeps alive parts of the lawsuit brought by Frank Foy against Chicago-based Vanderbilt Financial Trust and its related companies over failed investments by the Educational Retirement Board and the State Investment Office.

District Judge Stephen Pfeffer ruled in April that a statute allowing whistle-blower lawsuits can't apply to activities before the law went into effect in July 2007.

Pfeffer last week directed Foy to identify any claims that continue because they involve wrongdoing after that date.
 

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