Report: NM Investment Council Spent $5M On Legal Fees

New Mexico – The State Investment Council has spent $5 million on legal expenses as part of a federal investigation into public investment funds in New Mexico.

The council released a report Tuesday that said it had turned over more than 1.5 million pages of documents to federal investigators.

A federal grand jury and the Securities and Exchange Commission are investigating investments by the council and New Mexico's educational pension fund. Documents have been subpoenaed about a financial firm that advised the state agencies and has been implicated in a New York state pension fund scandal. Investigators also have sought documents about third-party marketing agents.

The legal fees were paid to a law firm that assisted the council in providing documents to investigators.

Copyright 2010 The Associated Press.