Florida investment panel OKs cap on legal fees
Published: Tuesday, January 26, 2010 at 1:08 p.m.
Last Modified: Tuesday, January 26, 2010 at 1:08 p.m.
TALLAHASSEE, Fla. — The panel that invests state money including pension funds has approved a $50 million per case cap on legal fees paid to outside lawyers.
The three-member State Board of Administration on Tuesday unanimously adopted the limit proposed by one of its members, Attorney General Bill McCollum.
The new rule also combines the cap with a proposal by Chief Financial Officer Alex Sink to make fees a factor in selecting law firms, which will inject competition into that process.
McCollum, a candidate for the Republican gubernatorial nomination, also wants lawmakers to impose the same limit on his successors as attorney general.
Sink is seeking the Democratic nomination for governor. Gov. Charlie Crist chairs the panel.