Class-Action Lawsuit Filed Over ‘Pay To Play’ Pension Investments (Updated)
By Corey Pein on January 12th, 2010
Pay to play isn’t going away.
Law firms in Albuquerque, New York City and Washington, DC have joined to file a class-action lawsuit against former New Mexico Investment Officer Gary Bland and members of the Educational Retirement Board who participated in alleged pay-to-play schemes involving two out of state firms, Vanderbilt Capital and Aldus Equity.
The lead plaintiff, an ERB beneficiary and records tech at New Mexico State University named Donna J Hill, is among approximately 95,000 former educators who lost out when ERB trustees approved bad investments for political reasons, according to the lawsuit. The Vanderbilt investment alone lost pensioners at least $40 million.
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