University of Louisville may sue James Ramsey, others to recover estimated $40M to $100M for founda-
University of Louisville may sue James Ramsey, others to recover estimated $40M to $100M for foundation
Mismanagement and excessive spending may have cost the University of Louisville Foundation as much as $100 million — dwarfing the $20 million limit in insurance coverage on its officers and directors.
The size of the loss may prompt the university to go after the personal assets of former President James Ramsey and others, according to legal and insurance experts.
The university’s outside counsel, Craig Dilger, this week told the General Assembly’s contract review committee that losses could range as high as $100 million, though are more likely in the range of $60 million to $65 million.
“If there is a judgment for more than the insurance coverage, then you go after directors and officers if you have directors or officers with assets,” said James D. Cox, professor of corporate and securities law at Duke University.
Read more: http://www.courier-journal.com/story/news/education/2017/07/14/losses-triple-insurance-coverage/476582001/