Toal: Treasurer, panel dispute ‘political theater’

COLUMBIA, S.C. (AP) — South Carolina’s top jurist says a dispute between Treasurer Curtis Loftis and the board that oversees pension funds for the state’s public workers amounts to “political theater.”

Chief Justice Jean Toal made the comment as the court on Tuesday heard arguments in the Retirement System Investment Commission’s lawsuit against Loftis.

The commission sued the first-term Republican last week, asking the court to force him to transfer money for an investment that he and the rest of the board approved last November.

Loftis avoided default Monday by authorizing wire transfers of nearly $12 million, but commission lawyer Hank Wall says Loftis overstepped his authority when he held up payment.

His attorney said Tuesday that Loftis simply wanted to make sure the investment was sound and needed more information.

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Kinnard can be reached at http://twitter.com/MegKinnardAP