The University of Louisville Board of Trustees will sue former President James Ramsey, his chief aid Kathleen Smith, and others for misusing university funds.
The lawsuit that will be filed today in Jefferson Circuit Court alleges that from 2008 to 2016, Ramsey and others took millions from the UofL Foundation’s endowment to make unauthorized, risky investments. They allegedly attempted to hide the transactions to excessively compensate themselves.
The new chair of the board, David Grissom, said in a release: “Millions of dollars of donations originally intended for the benefit of the University and its students instead were used to pay excessive compensation.” He adds, “Other funds were directed toward risky and inappropriate investments, and spending regularly exceeded the Foundation’s own policy.”
Click here to read the entire lawsuit and the report from WDRB.