- Associated Press - Friday, October 3, 2014

ALBUQUERQUE, N.M. (AP) - A New Mexico state government retirement board has paid its former chairman $125,000 for his legal expenses in defending himself in an investment scandal.

The Albuquerque Journal (http://bit.ly/1vzWFG2 ) reports that the payment to Bruce Malott settles a lawsuit that Malott filed two years ago when the Educational Retirement Board refused to pay his attorney fees.

The board based its action at the time on an attorney general’s opinion and because Malott was also represented by lawyers hired by the state.

The board oversees a pension fund for working and retired teachers.

Malott was named as a defendant in five lawsuits over investments by the State Investment Council and the Educational Retirement Board during then-Gov. Bill Richardson’s administration. Most of those lawsuits are pending in the court system.



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