SC Supreme Court tosses out suit against treasurer
Wed, 17 Apr 2013 22:17:15 GMT —
COLUMBIA, S.C. (AP) - The South Carolina Supreme Court has tossed out a lawsuit against Treasurer Curtis Loftis filed by the board that oversees state pension funds for public workers.
The justices ruled Wednesday that there was no need for them to make a decision since Loftis agreed to transfer money for an investment that he and the rest of the board approved last November.
The Retirement System Investment Commission initially sued Loftis last week because he refused to write the check. Loftis authorized the payment Monday, but the justices still heard arguments Tuesday with the board asking them to rule whether Loftis had any power to withhold money for approved investments.
The justices refused to consider that argument.
Loftis and the board have clashed repeatedly over control of the $27 billion pension fund.