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Panel to review contract
The State Investment Council on Tuesday agreed to have a subcommittee review a multi-million dollar contract with the Paul, Hastings, Janofsky and Walker law firm.
As part of the contract, which is drawing scrutiny from state lawmakers this session, the firm is converting thousands of documents — subpoenaed by the FBI and Securities Exchange Commission — into an electronic database. That work could result in the state recovering money lost in bad investments and fees paid to third-party marketers, a State Investment Council lawyer has said.
“They need to make an assesment on how much more work needs to be done, what the costs might be and whether that’s a reason value for the costs involved,” State Investment Office spokesman Charles Wollmann said.