SC Treasurer Curtis Loftis told fellow members of the S.C. Retirement System Investment Commission Thursday that a lawsuit with Bank of New York Mellon Corp. regarding the SC pension fund had been settled.
The lawsuit dated back to 2009 when the state alleged the bank had lost $200 million of state pension funds through bad investments associated with the financial meltdown of 2008-09. The suit was run through the SC Treasurer’s office beginning with Loftis’ predecessor Converse Chellis.
Loftis declined to discuss details of the settlement with the commission until all settlement provisions are completed, according to provisions of the settlement.
However, the AP reported, through information learned with a Freedom of Information request, the total settlement is for $34 million with $9 million going to the lawyers, $5 million to the Treasurer’s office and $20 million to the retirees’ pension fund.
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The Obama administration’s attack on the First Amendment took a predictable turn recently when White House Press Secretary Jay Carney reiterated the administration’s use of national security concerns in justifying White House investigations of journalists.
In attempting to justify the Justice Department’s seizing of reporters’ phone records and emails, Carney said, “The president believes it’s important that we find the proper balance between the need—absolute need to protect our secrets and to prevent leaks that can jeopardize the lives of Americans and can jeopardize our national security interests on the one hand and the need for—to defend the First Amendment and protect the ability of reporters to pursue investigative journalism,”
The original attack on theFirst Amendment, with the Sedition Acts way back in 1798, made it illegal for persons to criticize the administration and/or government, even if the criticism was true. The acts were passed by the Federalist Congress in the mistaken impression that they were combating anarchy – a threat to national security.
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