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SC Treasurer, Commission Feud Benefits Lawyers

1:12 PM, May 27, 2013   |    comments
Curtis Loftis
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COLUMBIA, S.C. (AP) - The ongoing feud between South Carolina Treasurer Curtis Loftis and the commission that oversees retirees' pension fund has put tens of thousands of dollars in lawyers' pockets.

Lawyers raked in up to $60,000 in a lawsuit filed by the Retirement System Investment Commission last month. And a firm hired by the Budget and Control Board last summer received nearly $14,000.

But neither effort settled questions about the treasurer's authority over investments approved by the commission. As treasurer, Loftis sits on the board and is its only elected member.

Chief Operating Officer Darry Oliver says he's working to bridge the chasm.

He's proposed a confidentiality agreement that would allow Loftis' staff to review all the documents he can as a commissioner, hoping to resolve a chief source of the animosity.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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