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Article: Iowa Trust settles suit against Marshalltown for $6.09 million.

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The Bond Buyer
Article date:
February 24, 1993
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Copyright

Officials for the Iowa Trust late Monday announced a $6.09 million settlement with Marshalltown, Iowa, in exchange for dropping a lawsuit that charges the city was responsible for the alleged misconduct of the former city treasurer who helped create the trust.

The settlement funds were. part of $6.84 million transferred to a California Shearson Lehman Brothers account in Marshalltown's name by the Iowa Trust's former investment manager, Steven D. Wymer, in 1991.

As part of the settlement, Marshalltown retained its right to claim about $752,000 of the funds in the account. The Marshalltown city council approved the settlement Monday night.

"We ...

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