Posted at: 12/28/2012 2:17 PM
By: The Associated Press
Photo: Bill Richardson
ALBUQUERQUE, N.M. (AP) - Appeals courts this week dealt blows to plaintiffs in two cases seeking to recover millions of dollars from an alleged "pay-to-play" scheme involving supporters of former Gov. Bill Richardson.
The state Court of Appeals on Wednesday upheld a ruling that invalidated portions of two lawsuits brought by whistleblower Frank Foy, the former chief investment officer for the Education Retirement Board.
Foy's lawsuits alleged a scheme in which Richardson appointees steered the awarding of investment business to political supporters. Richardson has denied any wrongdoing and was never named as a defendant.
Separately, the 10th Court of Appeals in Denver declined a request to move from state to federal court a separate suit brought on behalf of retirees.
The suits were filed against Wall Street firms, investment advisers and state officials.
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