Lawsuit targets ex-owner of troubled company


INDIANAPOLIS (AP) -- Fair Finance Co.'s bankruptcy trustee has sued the Ohio company's former owner, saying he should have been aware that Indianapolis businessmen Tim Durham and James Cochran were allegedly looting the company.

The Indianapolis Business Journal and The Indianapolis Star report the $150 million lawsuit accuses Donald Fair of fraudulent transfer, aiding and abetting theft, and breach of fiduciary duty.

The suit filed Thursday in federal court in Akron, Ohio, alleges the fraud was possible only because Fair agreed to stay with the company for five years as chairman emeritus after he sold it, with millions of dollars in payments not due until that contract expired in 2007.

Fair's attorney, Patrick J. Keating, says his client didn't know details of the company's operations after he sold it in 2002.