COLUMBIA, S.C. (AP) - The president of the State Retirees Association says South Carolina's settlement with the Bank of New York Mellon seems like a bad deal for retirees.
Wayne Bell said Friday it creates lots of questions. But he added it may be the best South Carolina could hope for, considering the wealth of the global investments company.
The treasurer's office sued the bank in January 2011, accusing it of losing $200 million in retirees' money through bad investments that violated its contract. Under the settlement obtained by The Associated Press, the bank agrees to put $25 million in South Carolina's accounts, with $20 million going to retirees' pension fund.
It awards the bank a new, 10-year contract that includes fee discounts.
Treasurer Curtis Loftis said he could discuss the details next week.Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.