Arkansas Attorney General Dustin McDaniel has filed a motion for default judgment against a Massachusetts-based real-estate company accused of breaching a contract with the Arkansas Public Employees Retirement System.
McDaniel says in a statement that the judgment was filed Wednesday against National Timber Partners LLC of Williamstown, Mass.
McDaniel says the company entered into a contract with the Arkansas Public Employees Retirement System in October 2012 and agreed to purchase APERS' interest in the NTP Timber Plus Fund I, L.P., in three installments totaling $110 million. But he says National Timber failed to pay all of the second installment and none of its final installment.
McDaniel says National Timber should have to pay APERS more than $14 million.
National Timber did not immediately respond to an emailed request for comment.