COLUMBIA, S.C. (AP) - Treasurer Curtis Loftis is defending the controversial fees paid to two attorneys who represented his office in a settlement with the Bank of New York.
Loftis told the Retirement System Investment Commission on Thursday the $9 million payout did not take away from what went into retirees' pension fund because he negotiated it separately.
It marked the first time Loftis has publicly addressed the fees in any detail.
The treasurer's office sued the bank in January 2011, accusing it of losing $200 million in retirees' money through bad investments. After a partial recovery, the loss stood at $120 million. Under the settlement, the bank credited $25 million to the state's investment accounts.
Loftis says he pounded the negotiating table to get his attorneys as much money as possible.
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