There are new details on a lawsuit against the Retirement Systems of Alabama. Lawyers for a group of state employees claim RSA has not invested taxpayer money responsibly. The suit alleges RSA spent money on projects that are not producing the biggest returns.
Both sides were heard in court Wednesday. Attorneys for RSA moved to dismiss the case on the grounds of state immunity and standing. But one of the plaintiff's attorney Bill Pritchard says RSA's investment policy procedure needs to be changed.
"It needs to be comparable or parallel and expected to return for them to exercise at their discretion to pick an investment in Alabama," Pritchard said.
RSA's attorney Chris Christie declined an on-camera interview but did provide this statement to WSFA 12 news.
"There are rules and regulations that encourage investments in Alabama. And a statute provides prudent investments. What prudent investment rules apply in this case is the question and it's more than just looking at returns and risk," Christie said.
The next step will be attorneys submitting a proposed order to the court. That should happen in the next few weeks. The judge will then rule on whether the case goes to trial or is dismissed.
The RSA is a primary investor in Raycom Media, WSFA 12 news' parent company.