- Associated Press - Wednesday, July 27, 2016

SANTA FE, N.M. (AP) - New Mexico will collect $4.9 million under a settlement agreement with a real estate investment company as the state resolves losses from a string of politically influenced investment deals dating back to the administration of former Gov. Bill Richardson.

The New Mexico State Investment Council approved the settlement Tuesday with Eastern Real Estate Development after discussing the matter out of public view in an executive session.

The investment council previously negotiated more than $32 million in settlements in the wake of the pay-to-play investment scandal, with some funds still held in escrow pending court approval.

Linked to a 2005 deal, the new settlement is the second-largest to date in the effort. A $24 million state settlement with Chicago-based Vanderbilt Capital Investors is being challenged in court under a whistleblower lawsuit.

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