SPRINGFIELD, Ill. — Funeral homes that lost millions of dollars in a pre-need funeral trust fund are blaming Illinois regulators for failing to keep the money safe.
SPRINGFIELD, Ill. — Funeral homes that lost millions of dollars in a pre-need funeral trust fund are blaming Illinois regulators for failing to keep the money safe. In court documents filed Friday, funeral directors say that as early as 2001, the state comptroller’s office failed to address a burgeoning financial crisis in the program. They say that by the time the truth emerged, it was too late to prevent losses that might now exceed $100 million. The amended complaint filed last week is based in part on financial records from the comptroller’s office recently obtained during discovery. The comptroller’s office has refused to answer questions about what, if anything, regulators did between 2001 and 2006, when the deficit stood at $38 million. Funeral directors are suing the Illinois Funeral Directors Association for its management of the fund. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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