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Settlement In New Mexico "Pay To Play" Case

The state Investment Council has reached a $643,000 settlement with a financial consulting firm sued for steering government investment business to political supporters of former Gov. Bill Richardson.

A spokesman for the council said Monday the defunct Dallas-based firm of Aldus Equity Partners and its three partners agreed to pay the money and cooperate with agency efforts to collect damages against others because political pressures allegedly influenced the awarding of investments.

Aldus advised the council on making some investments such as in private equity funds.

Aldus co-founder Saul Meyer pleaded guilty in 2009 to securities fraud in New York involving a pension fund there. Aldus was fired by the New Mexico agency after being implicated in the New York scandal.

The proposed settlement must be approved by a state court.

Copyright 2013 The Associated Press.