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NEWS STORIES

Settlement near in funeral trust caseSubmitted: 06/20/2013
Story By Associated Press

MILWAUKEE - People who paid up front for their funerals might be spared from the effects of bad investments.

The poor financial decisions left the Wisconsin Funeral Trust millions of dollars in the hole.

The fund was marketed as a safe investment vehicle.

But its money managers poured the cash into high-risk investments that lost money.

The fund that's supposed to have 70-million dollars on hand only has 48-million.

John Wirth is the court-appointed receiver of the trust.

He says the trust has reached a tentative settlement with the Wisconsin Funeral Directors Association.

Their members have been losing money to make sure clients get what they paid for.

The settlement would make sure clients still get fair value and funeral homes are fairly compensated.

A judge must approve the agreement.

(Copyright 2013 Associated Press - All Rights Reserved)


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