SC investment commission suing state treasurer
By SEANNA ADCOXAssociated Press
COLUMBIA, S.C. (AP) - The commission that oversees the state retirement fund is suing South Carolina Treasurer Curtis Loftis, arguing he's breaking the law for refusing to sign a check for an approved investment.
The Retirement System Investment Commission asked the state Supreme Court in documents filed Thursday to take the case directly and order Loftis to write the check to private equity firm Warburg Pincus.
The commission's chief operating officer Darry Oliver says $11.7 million must be paid by Tuesday, or the state will be in default.
Loftis said in a statement he welcomes the court action.
Loftis voted with his fellow commissioners last November to approve a commitment of up to $50 million. But he's since said he wants more assurances the state won't overpay on investment fees before sending the money.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.