Page One header image 1

When Will Kentucky Lawyers Join In On This Fun?

May 6th, 2013 · No Comments

Take a look:

The civil lawsuits surrounding the state investment scandal have grown into a cottage industry for New Mexico lawyers.

In a recent state Court of Appeals case, 25 law firms ranging from the large, like Rodey, Dickason, Sloan, Akin & Robb, to one-lawyer firms, like Gregg Vance Fallick, were listed as representing a multitude of defendants.

In one corner of this multi-sided legal fight are the plaintiffs — former chief investment officer for the Educational Retirement Board, Frank Foy, his wife, a few friends, and former Republican state senator and pot-stirrer in general Victor Marshall as their lone-wolf lawyer.

-SNIP-

The so-called Vanderbilt case claims the State Investment Council and the Educational Retirement Board invested hundreds of millions of dollars in mortgage-backed securities because the company hired Marc Correra as a back-room marketer.

-SNIP-

The second lawsuit was unsealed in the late spring of 2009, and named more than 70 financial firms and placement agents as defendants

Known as the “Austin case,” the second lawsuit made many of the same allegations contained in the first case, but the type of state investments in question were made with hedge funds and private equity firms who hired placement agents.

Granted, Kentucky has weaker laws than New Mexico but you’d think folks would be on this like white on rice.

Tags: Corruption · Investigation · Wasted Money