BRADENTON, Fla. - Florida's State Board of Administration Tuesday said it hired a law firm to assess if the SBA should pursue legal action against broker-dealers who sold certain investment-grade securities to SBA-managed funds that were subsequently downgraded below investment grade.

Berman DeValerio Pease Tabacco Burt & Pucillo, headquartered in West Palm Beach, was hired to ensure that "objective securities law experts look carefully at all facets of this issue before we proceed," said SBA interim executive director Bob Milligan in a release.

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