Supreme Court dismisses lawsuit against state Treasurer

04/17/2013 4:44 PM

04/17/2013 5:59 PM

The S.C. Supreme Court has sided with state Treasurer Curtis Loftis in a lawsuit brought by the Retirement System Investment Commission.

The commission sued Loftis after he initially refused to authorize an investment that the commission had approved. Loftis eventually authorized the investment and asked the court do dismiss the case. But the commission wanted the court to ban Loftis from refusing any future investments.

“The Commission argues the Court should consider injunctive relief to direct the (Treasurer) to follow Commission directives to fund future investments. We disagree,” the court wrote in its opinion. “Once Loftis agreed to perform the precise act (of authorizing the investment) ... there was simply nothing left for the Court to order.”

In a news release, Loftis thanked the court for its ruling.

“As the Custodian of the Retirement Systems Group Trust I will continue my efforts to safe-keep the assets of the Retirement System,” he said. “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.”

Read the court’s ruling below

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