Progress on SBA investigation

FPC reminds me about a subject I've been thinking about for a while:

In Wednesday’s NY Times, this article: New Jersey Sues Over Its Lehman Losses - DealBook Blog - NYTimes.com served as a reminder of how Florida got ripped off in the same way. Has Florida sued? Not mentioned in the article, though California was cited as having sued before
New Jersey.

Where are we? Why no suit?

New Jersey is out $180 million thanks to the collapse of Lehman. Florida also lost many millions, though a light search doesn’t reveal how much. There is an interesting similarity between Florida and New Jersey, in that both states had a board of officials supposedly overseeing the operation of the fund — like the money market funds we ordinary citizens have been forced to use by our friendly banks — where revenue was parked until needed by local governments to pay their staff and other obligations. In Florida it’s the State Board of Administration.

The Bond Buyer reports that the wheels are actually starting to turn in the investigation by the SEC of the State Board of Administration (I can't copy and paste the text, so here is a snap):
The SEC letter is here. As FCP notes, there seemed to have been connections between Jeb Bush and Lehman Bros.