An attorney who is an expert in securities litigation believes the Florida State Board of Administration has a claim against broker-dealers that sold the agency unregistered securities in transactions that are not exempt from registration, SBA acting executive director Bob Milligan said last week.

The board hired Michael Pucillo, a partner at Berman DeValerio Pease Tabacco Burt & Pucillo in West Palm Beach, to determine if it could take action against firms that sold it some risky investments. Some of those were downgraded within weeks of their purchase late last year. The law firm specializes in securities fraud and antitrust law.

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