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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WAOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Chief Engineer Russ Crass at 715-842-2251. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.