Bullock Replaced Board Members as State Fund Sued
Tuesday, November 28, 2017 | 509 | 0 | 0 min read
Gov. Steve Bullock replaced two members of the Montana State Fund board on Nov. 17, the same day MSF filed suit against the state to block a 3% investment management fee to help balance the state budget, the Great Falls Tribune reported Monday.
The board has scheduled a meeting for Wednesday in Helena to discuss that lawsuit with the two appointees: former Democratic state Sen. Cliff Larsen and Bullock’s former senior adviser, Jim Moody.
The board members who were replaced, Bruce Mihelish and Richard Miltenberger, told the newspaper that they would have served a second term if asked but did not think they were being played as political pawns, the newspaper reported.
State Fund argues that the management fee, which is projected to transfer $30 million from MSF to the state’s general coffers, is unconstitutional because the money belongs to its policyholders. A hearing is scheduled for Dec. 4 on MSF’s request for a preliminary injunction.