>>Averett University Files Lawsuit After $20M Endowment Loss
(Danville, VA) -- A Virginia university has filed a federal lawsuit after allegedly having money stolen from its endowment. Richard Stelling with more.Preview: Voicer Script:
Averett University in Danville says its former chief financial officer worked with an investment firm to drain 20-million dollars from the fund. The lawsuit claims that 75-percent of Averett's endowment was gone by the time it noticed the problem last March. The suit says the university has suffered irreparable harm due to fraud, breach of contract and negligence.