News Sections
Audio
Bankruptcy Trustee Files Lawsuit Against Bank Executives
Updated May 5, 2013 12:09 AM | Filed under: WBIW News
 Print    Archive    RSS

(COLUMBUS) - The bankruptcy trustee of the Irwin Financial Corporation has filed a lawsuit against Chairman William I. Miller and two other executives.

The plaintiff is seeking hundreds of millions of dollars, alleging the three failed in their responsibilities in operating Irwin Union Bank.

Chairman William I. Miller, Chief Financial Officer Gregory Ehlinger and Executive Vice President Thomas Washburn have all been named in the lawsuit which alleges the three made risky home and commercial mortgage loans.

There is no claim of illegal activity. the Trustee, Elliott Levin, is also suing the FDIC for their alleged part in Irwin Union's collapse.

Paul Freeman, executive vice president for member services of the Indiana Bankers Association, says while only a few Indiana banks have failed, the number nationwide tell a different story, as hundreds of banks have been shut down by federal regulators.

Along with Irwin Union, Integra Bank was the only other Indiana bank shuttered by the federal government. Freeman says that suing those involved with a failing bank has become popular as the nation's financial crisis continues. but, he says that a lawsuit doesn't mean that criminal activity is being suggested. without addressing the merits of this lawsuit, Freeman added that these types of suits often fail.



« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to comments@wbiw.com

Advertise with 1340 AM WBIW
Advertise with 1340 AM WBIW


1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2014 Ad-Venture Media, Inc. All Rights Reserved.   WBIW.com and Listen Live Powered by HPC

Advertise  |  Careers  |  About  |  Feedback