Elements Financial, formerly the Eli Lilly Federal Credit Union, is among seven credit unions that collectively agreed to pay $7.5 million to settle a lawsuit brought by ITT Educational Services' bankruptcy trustee.
Attorneys for the defendants have asked the court to discuss the case, arguing it falls far short of the standards needed to warrant a full-blown trial.
A lawsuit filed by ITT Educational Services’ bankruptcy trustee seeks $250 million from the firm’s former CEO and board members, whom she alleges were disengaged as the business melted down.
Investors in the Durham-owned Fair Finance Co. are slated to receive an additional $5 million soon, boosting their recovery to $23 million—which works out to about 11 cents on the dollar for their $208 million in losses.
In digital and hard-copy form, the company controlled a massive trove of records—many of them academic transcripts and other student records that will need to live on for decades.
The trustee charges that Sam Odle and fellow outside directors should have ousted CEO Kevin Modany—a move that likely would have been well-received by the U.S. Department of Education and ITT’s accrediting agency.
The Eli Lilly Federal Credit lost a bundle on loans to ITT Technical Institute students a few years ago. Now the credit union, which adopted the Elements Financial moniker two years ago, may get hit with a lawsuit from the bankruptcy trustee for the now-defunct for-profit school operator.
Deborah Caruso has launched a no-holds-barred inquiry into the defunct company's business practices and is seeking documents and depositions from the accounting firms that audited its books.
An appeals court ruling has cleared the way for Fair Finance Co.'s bankruptcy trustee to revive a lawsuit against one of the company's lenders,a Fortune 500 company with extensive resources. The trustee was able to extract a $35 million settlement from another one of the company's lenders.
Dr. Dale Guyer—who was thrust into the spotlight this week after a news report suggested his Indianapolis clinic provided HGH to Peyton Manning—borrowed heavily from convicted Ponzi schemer Tim Durham, starting in 2003.
The $18 million payout to some 5,000 investors in Fair Finance Co. represents a recovery of about 9 cents on the dollar.
The deal would resolve a 2011 lawsuit accusing former Indianapolis businessman Tim Durham of using Fair Finance funds to prop up National Lampoon. He is a former CEO of both companies.
The bankruptcy trustee had accused Fortress Credit Corp. of turning a blind eye to Tim Durham's Ponzi scheme because it was making millions of dollars and held first liens on the only company assets with real value.
The ruling is a big setback for bankruptcy Trustee Brian Bash, who has yet to provide any recovery to the more than 5,000 Ohio residents who lost more than $200 million when the Tim Durham-led company collapsed in 2009.
The bankruptcy trustee who has been trying to scrape together money for victims of Indianapolis financier Tim Durham’s Ponzi scheme just struck two lawsuit settlements that underscore the daunting obstacles he faces.
The Cleveland law firm representing the bankruptcy Trustee Brian Bash is seeking approval for more than $11 million in fees.
Stephen Blaising said in a recent court filing that he will pay $125,000 to satisfy a lawsuit brought by the bankruptcy trustee representing investors in an Ohio company led by Tim Durham.
A group of elite Indianapolis investors who cashed out before Tim Durham’s financial empire collapsed have reached a settlement with a bankruptcy trustee requiring them to give most of their money back.
Many of the defendants pursued by Brian Bash and his team have few, if any, assets. And those that do have the wherewithal to fight litigation for years.
Fair Finance bankruptcy trustee Brian Bash, charged with recovering funds for Fair investors, alleges in a court filing that National Lampoon funded convicted Ponzi schemer Tim Durham’s defense. Durham is a former CEO of the film company.
