Teacher retirement program set to sue former financial advisers

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By Barry Massey

SANTA FE, N.M. (AP) — New Mexico's pension program for teachers plans to sue a financial firm that formerly advised it on how to invest retirement system money.

Educational Retirement Board chief counsel Christopher Schatzman said Friday that two law firms have been selected to handle a lawsuit against Aldus Equity Partners of Dallas.

The law firms are researching and preparing a lawsuit, which has not yet been filed.

Schatzman declined to disclose the possible legal grounds for the case against Aldus.

However, Aldus founding partner Saul Meyer has pleaded guilty in a New York pension scandal and said in his guilty plea that he recommended investments in New Mexico that were not necessarily in the state's best economic interests.