SANTA FE, N.M. (AP) - New Mexico’s highest court is allowing the State Investment Council to move ahead with efforts to recover money for what the agency considers politically influenced investment deals.
The Supreme Court has denied, without comment, a request by former pension fund investment officer Frank Foy to force the council to change how it handles settlements with brokers and others sued by the agency in 2011.
Council spokesman Charles Wollmann said Tuesday the court’s ruling last week allows the agency to continue with its legal strategy.
Foy contends the council’s settlements undermine his efforts on behalf of the state through whistleblower lawsuits to potentially recover large amounts for state investment losses.
The council’s lawsuit alleges that state investment decisions were influenced by political considerations during former Gov. Bill Richardson’s administration.
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