Cowell: Clarify treasurer's legal role

ryanteaguebeckwith — Wed, 03 Dec 2008 13:30:22 -0500

Janet Cowell says the treasurer's legal authority should be clarified.

The Democratic state treasurer-elect said she believes the office should have the authority to hire its own attorneys to lead class action lawsuits, such as one proposed by Treasurer Richard Moore against mortgage giant Freddie Mac.

North Carolina's attempt to play a lead role in that suit was rejected by a judge after Attorney General Roy Cooper objected, saying that his office should handle the lawsuit.

Cowell told Dome that was unfortunate. She hopes the legislature will clarify the legal role of the treasurer and she pledged to work with Cooper's office to come up with a list of outside law firms approved by both offices that could be hired for such suits.

"Clearly, as treasurer I would like to have that kind of authority and know I've got the full set of tools at my disposal to go after losses," she said.

She added that she would still prefer the matter be resolved, even if the legislature stopped short of giving the treasurer the full legal authority she prefers.

"I think that's a question worthy of clarification," she said.

newsobserver.com projects - Cowell: Clarify treasurer's legal role - Comments

Cowell: Clarify treasurer's legal role