Deal would protect clients of Wis. funeral fund - WAOW - Newsline 9, Wausau News, Weather, Sports

Deal would protect clients of Wis. funeral fund

MILWAUKEE (AP) - People who paid into the Wisconsin Funeral Trust to have their funeral expenses covered might be spared the effects of failed investments that have left the trust millions of dollars in debt.

The fund was marketed as a safe investment vehicle. But its money managers poured the cash into high-risk investments that lost money, so the fund that's supposed to have $70 million 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, whose 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.

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