The South Carolina attorney general's office says it found nothing to prosecute following an investigation into "pay-to-play" allegations in the state retirement system.
Treasurer Curtis Loftis called the decision a major victory for transparency and accountability.
Chief Deputy Attorney General John McIntosh said in a letter dated Thursday his office reviewed a report prepared by the State Law Enforcement Division and concluded "there was no activity which warrants action."
Loftis says the letter ends the investigation pushed by his political opponents, as he publicly complained that the state's portfolio has too many alternative investments and pays excessive fees.
SLED confirmed in February it was investigating a report that companies were told they could improve their chances of handling state pension investment work if they paid a friend of Loftis.