Scott appointee had to drop lawsuit against state

Miami Herald reports that Tom Grady had to withdraw from a million dollar lawsuit against the State Board of Administration before he could be appointed by Gov. Rick Scott as the head of the Office of Financial Regulation.

Grady, a Naples attorney and big GOP fundraiser, and Tampa lawyer Guy Burns claimed the board of administration, which oversees the state pension funds, owed them more than $1 million after they represented it in a 2005 lawsuit against Alliance Capital Management

Grady starts Aug. 29 and replaces Orlando lawyer Tom Cardwell, who resigned after two years. At an annual salary of about $133,000, Grady will stay on the job until he leaves or Cabinet members vote him out.

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