• Massachusetts Governor Vetoes Legislation That Would Have Prevented Disclosure of Fund Details
  • June 30, 2004
  • Law Firm: Nixon Peabody LLP - New York Office
  • On June 25, 2004, Governor Mitt Romney exercised his line item veto authority to remove from the Massachusetts fiscal 2005 budget act a provision that would have exempted the $32 billion Massachusetts Pension Reserves Investment Management Board ("PRIM") from public disclosure laws. Specifically, the broadly worded exemption stated that "any documentary material or data made or received by [PRIM] which consists of trade secrets or commercial or financial information shall not be disclosed to the public if disclosure is likely to cause substantial harm to the competitive position of the person or entity from whom the information was obtained."