Vanderbilt Pay-For-Play Fraud Cost NM $288M: Suit

Law360, New York (March 11, 2010, 7:59 PM EST) -- A former New Mexico state official has beefed up his whistleblower lawsuit against a slew of defendants, including Vanderbilt Financial LLC, Merrill Lynch & Co. Inc., Katten Muchin Rosenman LLP, Richards Layton & Finger PA and Clifford Chance US LLP, saying the state lost $288 million at the hands of a pay-to-play scheme involving mortgage-backed securities.

Former state education investment official Frank Foy's original qui tam lawsuit, filed in 2008 in the Santa Fe County First Judicial District Court, alleged the losses totaled about $90 million,...
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