Supreme Court to take treasurer case - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

Supreme Court to take treasurer case

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By SEANNA ADCOX
Associated Press

COLUMBIA, S.C. (AP) - The South Carolina Supreme Court could determine whether state Treasurer Curtis Loftis is breaking the law by refusing to write a check for an investment previously approved by him and the rest of the retirement investment commission.

The court on Friday granted the commission's request to take its case against the Republican treasurer. A hearing is set for 8:30 a.m. Tuesday.

The commission argues Loftis is abusing his powers by refusing to fund an investment approved last fall. It is asking the high court to act quickly, saying the state will default if $11.7 million isn't paid Tuesday.

Loftis repeatedly notes he's the official custodian of the money. But the commission says that's an administrative function.

Loftis is refusing to sign off before getting the signed document he's demanding.

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 This material may not be published, broadcast, rewritten or redistributed.

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