SC Treasurer Averts Default, Seeks Lawsuit Dismissal - WSPA.com

SC Treasurer Averts Default, Seeks Lawsuit Dismissal

Posted: Updated:
South Carolina Treasurer Curtis Loftis South Carolina Treasurer Curtis Loftis
COLUMBIA, S.C. -

 

Updated: April 15, 2013

South Carolina Treasurer Curtis Loftis has transferred the nearly $12 million needed to keep the state from defaulting and asked the state Supreme Court to dismiss the lawsuit against him.

Loftis sent the money Monday morning for the approved investment with Warburg Pincus. Loftis says his action makes the lawsuit moot.

The investment commission that oversees public workers' pension fund sued the first-term Republican treasurer Thursday. The agency argued that Loftis was attempting an illegal power grab by refusing to fund an investment he and his fellow board members approved in November.

The commission asked the high court to act quickly, saying the state would be in default Tuesday. A hearing is set for 8:30 a.m. Tuesday.

Loftis says commission staff affidavits included in the lawsuit supplied information he needed.

Posted: April 12, 2013

The South Carolina Supreme Court could determine whether state Treasurer Curtis Loftis is breaking the law by refusing to write a check for an investment previously approved by him and the rest of the retirement investment commission.

The court on Friday granted the commission's request to take its case against the Republican treasurer. A hearing is set for 8:30 a.m. Tuesday.

The commission argues Loftis is abusing his powers by refusing to fund an investment approved last fall. It is asking the high court to act quickly, saying the state will default if $11.7 million isn't paid Tuesday.

Loftis repeatedly notes he's the official custodian of the money. But the commission says that's an administrative function.

Loftis is refusing to sign off before getting the signed document he's demanding.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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