US - Oklahoma Attorney General Scott Pruitt is to launch an investigation into how financial institutions handle the state pension's investments.
Pruitt said he has sent letters to several custodial banks seeking information on investment transactions, particularly those involving foreign currency exchanges.
Similar investigations have been launched in California, Florida and Virginia in a bid to recover more than $200m in state pension funds.
"This is not something we're doing on a whim. It's not something we're doing blind," Pruitt told reporters. "We're doing it because we've been informed to a degree that we believe it's something we need to pay attention to and look into. What it leads to is unknown. It may not lead to anything."
Pruitt said the state's pension fund has about 20% of its portfolio invested internationally, and the probe will focus on how those international investments are handled.
According to the state Pension Commission, Oklahoma's major pension systems have assets of $21.4bn.
The state's largest pension system is the Teachers' Retirement System, which has more than $10bn in assets. Scheme director James Wilbanks, said he was not notified about Pruitt's investigation.
The Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
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