Appeals courts rule in 'pay-to-play' cases
Posted at: 12/28/2012 2:17 PM
By: The Associated Press
 Photo: Bill Richardson |
ALBUQUERQUE, N.M. (AP) - Appeals courts this week dealt blows to plaintiffs in two cases seeking to recover millions of dollars from an alleged "pay-to-play" scheme involving supporters of former Gov. Bill Richardson.
The state Court of Appeals on Wednesday upheld a ruling that invalidated portions of two lawsuits brought by whistleblower Frank Foy, the former chief investment officer for the Education Retirement Board.
Foy's lawsuits alleged a scheme in which Richardson appointees steered the awarding of investment business to political supporters. Richardson has denied any wrongdoing and was never named as a defendant.
Separately, the 10th Court of Appeals in Denver declined a request to move from state to federal court a separate suit brought on behalf of retirees.
The suits were filed against Wall Street firms, investment advisers and state officials.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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