Appeals courts rule in 'pay-to-play' cases
ALBUQUERQUE, N.M. (AP) — Appeals courts this week dealt blows to plaintiffs in two cases seeking to recover millions of dollars from an alleged "pay-to-play" scheme involving supporters of former New Mexico Gov. Bill Richardson.
The state Court of Appeals on Wednesday upheld a ruling that invalidated portions of two lawsuits brought by whistleblower Frank Foy, the former chief investment officer for the Education Retirement Board. Foy's lawsuits alleged a scheme in which Richardson appointees steered the awarding of investment business to political supporters. Richardson has denied any wrongdoing and was never named as a defendant.
Separately, the 10th Court of Appeals in Denver declined a request to move from state to federal court a separate suit brought on behalf of retirees.
The suits were filed against Wall Street firms, investment advisers and state officials.