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CFO Sink's Call for Competition to Lower Legal Fees Passes Unanimously

1/26/2010

CONTACT: Kyra Jennings or Kevin Cate, 850-413-2842

TALLAHASSEE - Florida CFO Alex Sink today called for competition to be used to lower legal fees for Florida’s pension fund, so that more of the money recovered goes to Florida.  CFO Sink offered her proposal to inject competition into the State Board of Administration litigation process as an amendment at today’s Cabinet meeting, and it was approved unanimously by the Board of Trustees.

“Competition is the best way to get the best deal -- it's what I learned in the private sector and what I have encouraged in our state,” said CFO Sink.  “It was clear to me that the most tangible way to avoid excessive fees was to spur competition among the law firms, and I am glad my colleagues supported this businesslike approach to lowering costs.”

CFO Sink also continued to push the State Board of Administration to quickly and more aggressively pursue legal action against financial institutions that misled their investors and recover the money Florida’s pension fund may be owed. 

“Our focus has to be on making these newly hired law firms aggressively go after corporations who have misled investors like the Florida pension fund,” CFO Sink continued.  “All this talk about keeping fees low means nothing if we aren’t taking action.”

As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services.  A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.