LITTLE ROCK, Ark. (AP) - A judge has ordered a real estate company to pay the Arkansas Public Employees Retirement System $14.9 million in a breach of contract lawsuit.
The Arkansas attorney general’s office said Tuesday that National Timber Partners LLC of Williamstown, Mass. didn’t finish paying off its agreement to buy the system’s $110 million interest in an investment fund.
Tuesday’s ruling by Circuit Judge Tim Fox ordered the company to pay the system all the money that it had pledged, plus about $500,000 in interest.
National Timber Partners didn’t file an answer to the lawsuit but did twice ask for more time. No one represented the company in Tuesday’s hearing in Little Rock and Fox granted a default judgment.
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