NM Fund Ponders Aldus Lawsuit

The New Mexico Educational Retirement Board has hired two law firms to represent the teachers’ pension fund in a planned lawsuit against a Dallas money management firm. 

The Associated Press said the announcement was made by Chief Counsel Christopher Schatzman that a Chicago firm and one in Albuquerque had been retained to handle the case against Aldus Equity Partners which formerly advised the pension program.  The two firms are currently researching and preparing the suit, which has not yet been filed, the news report said. 

Schatzman would not talk about the basis for legal action against Aldus.  

The Associated Press pointed out in the news report that Aldus founding partner Saul Meyer pleaded guilty to securities fraud in a pay to play scandal involving a New York pension fund, in which he admitted recommending investments to the New Mexico pension plan because of political pressure (see SEC Putting More Focus on Aldus in NY Pension Probe).