Wow! This is getting deep!
UofL, Foundation file suit against Ramsey, former administrators
The University of Louisville and the University of Louisville Foundation filed suit today against former President James Ramsey and other former Foundation officials alleging breach of fiduciary duty, fraudulent appropriations and improper diversion of funds for personal gain.
The suit filed in Jefferson Circuit Court claims that during the period from 2008 to 2016, Ramsey and others conspired to divert millions of dollars from the Foundation’s endowment into speculative and unauthorized ventures, putting the Foundation at risk. The suit further charges that these individuals depleted the endowment through complicated – and often unauthorized – transactions designed to avoid scrutiny and circumvent the Foundation’s approved rules and annual budget.
The suit also claims that Ramsey and his chief of staff, Kathleen McDaniel Smith, colluded to pay excessive compensation to themselves and others. It further states that they intentionally concealed the improper expenditures and compensation, and that their actions caused the Foundation to lose millions of dollars.
Also named in the suit are former finance officers Michael Curtin and Jason Tomlinson; former Foundation Chair Burt Deutsch; and law firm Stites & Harbison, which served as the Foundation’s legal counsel.
More information, including the full complaint, are available at UofLNews.com.
UofL, Foundation file suit against Ramsey, former administrators
The University of Louisville and the University of Louisville Foundation filed suit today against former President James Ramsey and other former Foundation officials alleging breach of fiduciary duty, fraudulent appropriations and improper diversion of funds for personal gain.
The suit filed in Jefferson Circuit Court claims that during the period from 2008 to 2016, Ramsey and others conspired to divert millions of dollars from the Foundation’s endowment into speculative and unauthorized ventures, putting the Foundation at risk. The suit further charges that these individuals depleted the endowment through complicated – and often unauthorized – transactions designed to avoid scrutiny and circumvent the Foundation’s approved rules and annual budget.
The suit also claims that Ramsey and his chief of staff, Kathleen McDaniel Smith, colluded to pay excessive compensation to themselves and others. It further states that they intentionally concealed the improper expenditures and compensation, and that their actions caused the Foundation to lose millions of dollars.
Also named in the suit are former finance officers Michael Curtin and Jason Tomlinson; former Foundation Chair Burt Deutsch; and law firm Stites & Harbison, which served as the Foundation’s legal counsel.
More information, including the full complaint, are available at UofLNews.com.
