Settlement Reached in Fair Finance Bankruptcy Case
The trustee in the Fair Finance bankruptcy case has obtained a $3.5-million settlement from the company's former owner, Donald Fair.
Fair faced no criminal charges in the case which sent Indianapolis businessman Tim Durham and two others to prison. But the trustee claimed in a lawsuit that the victims of the scam were given an impression of credibility stemming from Fair's status as a consultant to the company after the sale.
The suit sought $150-million but documents filed this week in federal bankruptcy court in Ohio indicate the trustee accepted the smaller amount because Fair, who is 86 years old and in failing health, was ready to pay immediately.