NM Investment Panel Suggest Damage Suit

New Mexico – Current and former members of the State Investment Council want the attorney general to bring a lawsuit to recover damages or losses from investments made because of potential play-to-pay influences.

A council subcommittee made the recommendation on Tuesday in a report about improving the council's oversight of New Mexico's permanent funds.

A pension scandal in New York has raised questions about some investments made by the council. Federal investigators also are looking into New Mexico investments.

Subcommittee members, some of whom no longer serve on the council, complained that Attorney General Gary King hasn't acted quickly.

King said in a statement he can't discuss investigations, but his office is pursing possible civil and criminal case options about state investments.

Copyright 2010 The Associated Press.