Investment/Estate Planning

Former CIB chiefs try to avoid entanglement in legal fight involving Pacers

December 2, 2016
Anthony Schoettle, IBJ Staff
Three former presidents of the city’s Capital Improvement Board—Pat Early, Bob Grand and Ann Lathrop—are fighting an effort by attorneys for the IRS to depose them about what they learned about the Indiana Pacers' finances during discussions with the team.
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Judge rejects Durham’s bid to dismiss SEC civil suit

August 10, 2016
Dave Stafford
Ponzi scheme operator Tim Durham has failed to persuade a federal judge to dismiss the government’s civil action against him and other convicted accomplices.
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Prosecutor: No charges in Ball State investment scandal

August 8, 2016
 Associated Press
A prosecutor says Ball State University's investment of $13.1 million with two networks of criminals didn't violate Indiana securities law and no criminal charges will be filed.
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401(k) fees are attracting more attention—from lawyers

July 8, 2016
 Bloomberg News
Recent mega-settlements involving 401(k) lawsuits, along with a U.S. Supreme Court ruling last year that put plan fiduciaries on high alert about the need to continuously monitor plan investments, has encouraged more law firms to develop and expand their fiduciary litigation practices.
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Justice Alito sells Exxon stock after almost decade of recusals

June 22, 2016
 Bloomberg News
U.S. Supreme Court Justice Samuel Alito has finally sold the Exxon Mobil Corp. stock that for almost a decade kept him from taking part in cases involving the world’s biggest publicly traded oil company.
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As Koch brothers cling to Madoff cash, a new legal battle arises

June 3, 2016
 Bloomberg News
Billionaire brothers Charles and David Koch have made plenty of good business decisions over the years. Placing millions of dollars with Ponzi-scheme mastermind Bernard Madoff may have been one of them.
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With Prince’s intestate death, estate lawyers see need to educate

June 1, 2016
Dave Stafford
The apparent intestate death of Prince Rogers Nelson, who left an estate widely reported to be worth up to $300 million, prompted several Indiana lawyers to blog about their connection to his music and also use the opportunity to educate people about what happens when someone dies without a will or estate plan.
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Glenn: Estate planning for Florida snowbirds

June 1, 2016
Indiana attorneys are well-advised to have Florida counsel engaged in the planning of any strategies involving their snowbird clients’ Florida interests, and certainly in the preparation of any Florida estate planning documents.
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Feds reach $15M deal in suit over failed Indiana bank

May 12, 2016
IBJ Staff
The Federal Deposit Insurance Corp., which sued three former Irwin Union Bank officers in 2013, has reached a $15 million settlement with those defendants.
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AG’s office looking for owners of savings bonds

March 2, 2016
IL Staff
The Indiana Attorney General’s Office is looking for owners of $722,266.99 in savings bonds and has issued public notices in each of Indiana’s major newspapers across the state to find them.
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JPMorgan Chase agrees to $905,000 settlement with state

March 2, 2016
Mason King, IBJ Staff
JPMorgan Chase has agreed to pay $905,000 in a settlement with Indiana officials over losses from mortgage-backed securities purchased in 2006, just before the controversial investment vehicle contributed to a national financial meltdown.
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Indiana probing JPMorgan's church trust practices, sources say

February 24, 2016
 Bloomberg News, IBJ Staff
Indiana securities regulators are investigating JPMorgan Chase & Co.'s handling of investments that benefited churches in the state, Bloomberg news reported, citing sources.
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Insider traders look to US Supreme Court for redemption

January 27, 2016
 Bloomberg News
Some of U.S. Attorney for the Southern District of New York Preet Bharara’s biggest catches in a seven-year insider-trading sweep are clinging to one more hope of clearing their names.
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Do-it-yourself dangers

January 27, 2016
Dave Stafford
Where there’s a will, there’s a way to do it yourself with Internet services such as LegalZoom, Nolo and Rocket Lawyer. But attorneys say relying on online form providers for long-term financial and estate planning may not be the wisest investment.
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Study commission repeal endangering probate code needs

January 27, 2016
Marilyn Odendahl
Since the Probate Code Study Commission was eliminated as part of a 2014 law that reduced the number of interim study committees, certain legislators and attorneys have mounted an effort to get the commission reinstated.
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Investment broker's plea deal erases 20 felony counts

January 25, 2016
IBJ Staff
An Indianapolis man accused of multiple felony securities fraud counts has reached a plea agreement with the Marion County Prosecutor's Office.
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Justices again suspend Anderson attorney facing multiple theft counts

January 12, 2016
Dave Stafford
An Anderson lawyer suspended from the practice of law and accused of stealing from trust and estate clients sums that could total $500,000 has drawn another suspension order for failing to cooperate with three disciplinary investigations.
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Fraud claims against insurers wrongly dismissed

December 15, 2015
Dave Stafford
Plaintiffs who purchased cash-value life insurance policies for their employees and deducted those contributions on income taxes that were later disallowed were wrongly denied their day in court against the insurers.
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Veros investors out millions could recoup more than usual

November 25, 2015
Jared Council, IBJ Staff
The receiver appointed to recover investor losses from an alleged Ponzi scheme said he’s retrieved in five months about 20 percent of what investors were owed, a figure experts say is relatively high at this stage for such cases.
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Ernst & Young faulted for relying on Madoff’s word, audits

November 10, 2015
 Bloomberg News
Ernst & Young LLP erred by taking Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history. The firm then stumbled by trusting the con man’s now-disgraced ex- accountant, a jury in the first trial of its kind was told.
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Anderson estate attorney's alleged thefts may top $500,000

November 4, 2015
Dave Stafford
Sarah Wilding wanted her church in Anderson to receive the bulk of her estate when she died in April 2012. The church is still waiting, and so are other beneficiaries who lost hundreds of thousands of dollars to a lawyer accused of plundering their estates.
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Case latest example of difficulty in prosecuting insider trading

October 23, 2015
 Bloomberg News
The U.S. dropped insider-trading charges against Michael Steinberg, a former fund manager at SAC Capital Advisors LP who was convicted by a federal jury, in the latest fallout from a major appeals court ruling that made such prosecutions more difficult.
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Trust and the troubled child

October 21, 2015
Dave Stafford
Estate planning attorneys occasionally draw the strong-willed client who wants to leave money to an heir – but only if the kid sobers up, quits getting in trouble with the law, gets a job, stops living beyond his means, or changes behavior in some other way.
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Retzner: The family vacation home: harmony or chaos?

October 21, 2015
In most instances, vacation homes achieve the goal of family harmony. After the parents pass away, however, that family harmony can quickly turn to chaos.
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Ernst & Young confronts Madoff’s specter in trial over audits

October 14, 2015
 Bloomberg News
Ernst & Young LLP took Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history. The firm must now defend that decision at the first trial of an auditor over losses tied to Madoff, who’s serving a 150- year prison term for stealing billions of dollars from thousands of investors.
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