NC treasurer wants Congress to make it easier for states to sue Russia over economic losses
Treasurer Dale Folwell says certain assets with ties to Russia in the state retirement fund are nearly worthless. He wants Congress to revise a 1976 law to make it easier for states to file private lawsuits against Russian companies.Posted — Updated
Folwell said Tuesday that the state’s $120 billion retirement plan included a small amount of assets with ties to Russia, though the value has dropped precipitously since the conflict in Ukraine began in February.
About 1 million state residents participate in the state retirement plan, which includes a collection of bonds, index funds and stocks in individual companies.
Folwell said he’s spoken with U.S. Sens. Richard Burr and Thom Tillis of North Carolina, anti-terrorism lawyers and nearly two dozen state treasurers and plan administrators about how to get Congress to help states recoup losses.
“We’re working with some very talented subject matter experts who have a track record of suing terrorists who have conducted themselves in such a way that money can be recaptured and they are helping us develop the language that would be necessary to put into a bill,” Folwell said.
“That train left the station,” Folwell said. “But there’s more Ukrainian aid packages that are coming through, so we’re trying to hitchhike onto one of those bills.”
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