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Ousted U of L President Wants Foundation He Allegedly Depleted To Pay Legal Fees
By: Associated Press
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LOUISVILLE, Ky. (AP) – The former president of the University of Louisville wants the school’s investment arm he’s accused of mishandling to cover his legal expenses in its lawsuit.
The Courier Journal reports James Ramsey filed a motion this month asking a judge to order the University of Louisville Foundation to pay his expenses because the case is connected to his service for the nonprofit.
The university and its foundation sued Ramsey last month, accusing him of overseeing schemes to steer millions of dollars from the foundation into unauthorized ventures, depleting the endowment while padding his own compensation.
Ramsey says the foundation is required to indemnify him by its bylaws, which have since been changed.
University spokesman John Karman says the intentional misconduct outlined in the lawsuit means Ramsey isn’t entitled to indemnification.