New Mexico’s Educational Retirement Board, its beneficiaries and thousands of investors who are part of the punitive class stand to benefit from a lawsuit settlement between the state and an insurance company.
St. Paul Travelers Companies agreed to the $77 million settlement of the lawsuit by the state of New Mexico and others for its involvement in alleged securities fraud, Attorney General Gary King said.
A spokeswoman for the company, Jennifer Wislocki, declined to comment on the settlement.
The state had alleged that St. Paul gave out false and misleading financial statements that were artificially inflated.
King said New Mexico and its retirement systems lost an estimated $8 million.
“I believe this settlement will serve as a deterrent to corporate misconduct, and I am confident that the result achieved is indeed an excellent one for New Mexico’s investment funds and their participants,” King said.
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