Treasurer averts default, seeks lawsuit dismissal - WCIV-TV | ABC News 4 - Charleston News, Sports, Weather

Treasurer averts default, seeks lawsuit dismissal

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By SEANNA ADCOX
Associated Press

COLUMBIA, S.C. (AP) - South Carolina Treasurer Curtis Loftis has transferred the nearly $12 million needed to keep the state from defaulting and asked the state Supreme Court to dismiss the lawsuit against him.

Loftis sent the money Monday morning for the approved investment with Warburg Pincus. Loftis says his action makes the lawsuit moot.

The investment commission that oversees public workers' pension fund sued the first-term Republican treasurer Thursday. The agency argued that Loftis was attempting an illegal power grab by refusing to fund an investment he and his fellow board members approved in November.

The commission asked the high court to act quickly, saying the state would be in default Tuesday. A hearing is set for 8:30 a.m. Tuesday.

Loftis says commission staff affidavits included in the lawsuit supplied information he needed.

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 This material may not be published, broadcast, rewritten or redistributed.

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