Larry W. Myers, for himself and all other persons similarly situated, appellant, v. Nebraska Investment Council, an agency of the State of Nebraska, et al., appellees., 272 Neb. 669

Summary

The taxpayer alleged that the State lost $40 million or more in public retirement funds because the contracts between the NIC and the two private entities were speculative, illegal, and constitutionally prohibited investments under the Nebraska State Funds Investment Act, Neb. Rev. Stat. §§ 72-1237 through 72-1260 (Reissue 1996 & Cum. Supp. 2000). The trial court granted a motion to dismiss ten claims, sustained the State's suggestion of mootness, found that certain claims were barred by sovereign immunity, and concluded that the case was moot after the contracts were cancelled. The court rejected the State's contention that the taxpayer did not have standing to pursue a claim under Neb. Rev. Stat. § 72-1247 (repealed). The court held that the taxpayer could not recover against the NIC officials individually under a theory that the contracts were void ab initio. Although the contracts were unenforceable they were not void. The officials were not prohibited under Neb. Rev. Stat. § ...