I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
A Texas-based investment firm sued in state court last week by one of New Mexico’s largest teacher unions tells the Austin American-Statesman that it will “vigorously” defend itself.
Here’s what Sally Martin, a spokeswoman for Austin Capital, told the Austin American-Statesman in a story published Friday:
“Austin Capital is aware that it and certain of its employees and affiliates were named as defendants in a litigation filed and recently unsealed in New Mexico. We believe the allegations made are unfounded, and we intend to vigorously defend Austin and its employees and affiliates.”
According to the National Education Association of New Mexico’s complaint, which was unsealed last week, Austin Capital is guilty of professional negligence because it missed several “red flags” when it invested money from the state’s Educational Retirement Board and State Investment Council into a hedge fund that itself was heavily invested in Bernard L. Madoff Investment Securities, LLC.
The Educational Retirement Board and State Investment Council hired Austin Capital as a money manager. In essence, the Texas firm was trusted to invest the two agencies’ funds in other hedge funds. One of those Austin Capital invested in was Tremont Group Holdings, which had invested billions with Madoff, according to the complaint. Published reports have put Tremont’s investment with Madoff at more than $3 billion.
Austin Capital also is named as a defendant in a separate lawsuit filed by former ERB investment officer Frank Foy.
