Charleston, W.V. (AP) -- The State's Consolidated Public Retirement Board could be the next target of lawyers who are suing AIG Retirement over an investment option offered to participants in a state-run 401(k)-style pension plan.

Board Executive Director Anne Lambright says the lawyers behind the suit gave her 30-day notice Thursday that they plan to sue the board as well.

The lawsuit against AIG Retirement claims teachers and other state employees covered by the Teachers' Defined Contribution Plan are victims of fraud.

The lawsuit targets an investment option known as a Valic Annuity that was offered to TDC enrollees. Enrollees claim they were duped into joining the plan and selecting the Valic Annuity, which has shown lower returns than other investment options.

AIG Retirement spokesman John E. Pluhowski says the company is confident that it met the obligations it was contracted to provide.

Filed Monday in Marshall County Circuit Court, the lawsuit also names as defendants Valic, which is an AIG Retirement subsidiary, and a half-dozen Valic sales agents.

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