Treasurer Loftis' statement on Supreme Court unanimous Dismissal of Investment Commission lawsuit

Wednesday, April 17, 2013

(Columbia, SC) – Below is a statement from South Carolina State Treasurer Curtis Loftis following this afternoon’s unanimous ruling from the State Supreme Court, which has dismissed the action by the South Carolina Retirement System Investment Commission.

“I thank the Supreme Court for their attention to this matter and their prompt decision to dismiss the petition filed by the South Carolina Investment Commission. As the Custodian of the Retirement Systems Group trust I will continue my efforts to safe-keep the assets of the Retirement System.

“The assets of the Treasurer’s custody account are valued at approximately $40 billion dollars. Standardized forms, policies and procedures are common banking practices across South Carolina and the public’s treasury should be no different.

“The Retirement System should never pay more fees than were approved. As State Treasurer it is my fiduciary responsibility to protect these funds which represent the life’s work of hundreds of thousands of South Carolinians. I look forward to working closely with the Investment Commission in streamlining these common sense safety measures so that we may better protect the fund.”

The State Treasurer is the "private banker" for South Carolina. He is responsible for the investment, cash management, and safekeeping of the State's general and restricted funds and the assets of the South Carolina Retirement Systems.

CLICK HERE for a copy of today’s ruling.

Contact: Brian DeRoy – Public Affairs Director
(803) 734-2620 office (803) 733-1645 cell

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Interim Media Contact:
Edward Frazier
edward.frazier@sto.sc.gov
803.734.2016

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