By KRWG News
New Mexico – The State Investment Council has hired a law firm to help recover damages and losses from questionable investments and fees paid to third-party marketing agents.
The council on Tuesday approved the selection of a Day Pitney LLP, which has nine offices on the East Coast, including in New York, Boston, Washington, D.C., and Hartford, Conn.
The law firm will receive a sliding scale contingency fee based on what it recovers for the state.
One of the council's former outside investment advisers has pleaded guilty in a New York pension scandal and acknowledged that some investment deals in New Mexico were done because of pressure from politically connected individuals. The names of those people have not been disclosed.
Copyright 2010 The Associated Press.