LOUISVILLE, Ky. (AP) - The Latest on the University of Louisville’s decision to sue the school’s former president and others (all times local):
11:50 a.m.
In response to a lawsuit filed by the University of Louisville and its foundation, a lawyer for former university President James Ramsey says his client “has done nothing wrong.”
The lawsuit was filed Wednesday against Ramsey and other officials claiming they conspired to divert millions of dollars from the foundation’s endowment.
The suit says Ramsey and his chief of staff, Kathleen McDaniel Smith, colluded to pay excessive compensation to themselves and others. It also claims they conspired to divert millions of dollars from the foundation’s endowment into speculative and unauthorized ventures.
Attorney Steve Pence said Wednesday that he hasn’t had a chance to review a lawsuit, but denied any wrongdoing by Ramsey. He said the University of Louisville should move forward with managing what has been built “rather than tearing it down.”
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11:05 a.m.
The University of Louisville and its foundation have sued the school’s former president and other officials in a lawsuit claiming they conspired to divert millions of dollars from the foundation’s endowment.
The suit was filed Wednesday in state court. It says former President James Ramsey and his chief of staff, Kathleen McDaniel Smith, colluded to pay excessive compensation to themselves and others.
It also claims they conspired to divert millions of dollars from the foundation’s endowment into speculative and unauthorized ventures.
Other defendants in the suit include the law firm Stites & Harbison, which served as the foundation’s legal counsel.
U of L Foundation chairman Earl Reed says the actions alleged in the suit caused “significant financial harm” to the university and foundation.
Ramsey was forced out as president in 2016.
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