Securities panel exits Ala. probe, AG pursues it

MONTGOMERY, Ala. (AP) - An investigation of nearly $12 million in payments from Nationwide Retirement Solutions to the Alabama State Employees Association has shifted from the state Securities Commission to the attorney general.

The director of the Securities Commission, Joe Borg, says he closed his investigation and sent a report to Attorney General Troy King after King asked the commission to hold off on a tentative settlement. It would have required Nationwide and the employees
association to pay $6 million into the accounts of state employees who use Nationwide's deferred compensation plan at the recommendation of the association.

King says he wants to make sure state workers are getting the best settlement possible. A Nationwide spokeswoman says the company is cooperating with the review.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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