UofL files lawsuit against former president James Ramsey

04/25/2018 11:02 AM

LOUISVILLE- The University of Louisville and the University of Louisville Foundation have filed suit in Jefferson County Circuit Court against former president James Ramsey and other former Foundation officials alleging a breach of fiduciary duty, fraudulent appropriations and improper diversion of funds for personal gain.

The suit claims that from 2008 to 2016, Ramsey and others conspired to divert millions of dollars from the Foundation’s endowment into unauthorized and speculative ventures, which put the Foundation at risk. The suit also claims the endowment was depleted through complicated and unauthorized transactions designed to circumvent the approved rules and budget.

Furthermore, the suit claims that Ramsey and his chief of staff, Kathleen McDaniel Smith, received excessive compensation for themselves and others. The suit also alleges they hit the improper expenditures and compensations costing the Foundation millions of dollars.

Former finance officers Michael Curtin and Jason Tomlinson, former Foundation Chair Burt Deutsch, and law firm Stites & Harbison are also named in the suit.

A copy of the complaint can be found here.

Michon Lindstrom

Michon is a producer for Pure Politics. Michon comes to Kentucky from Springfield, Illinois where she served as the statehouse reporter for the NBC affiliate. During her time in the Land of Lincoln she covered the state’s two year budget impasse and the largest school funding overall in Illinois history. Pure Politics airs weeknights at 7 and 11:30 on Spectrum News. Follow Michon on Twitter at @MichonLindstrom or reach her by email at michon.lindstrom@charter.com

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