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:: Wednesday, November 16, 2005 ::
ULLICO Reaches $13M Settlement with Georgine - By Richard Korman, McGraw-Hill Construction | ENR
ULLICO Inc., the insurer owned by union pension funds, has reached a $13-million settlement with its former CEO, Robert A. Georgine, longtime president of the AFL-CIO Building and Construction Trades Dept.
The insurer forced out Georgine in 2003 after a scandal erupted over an insider stock-trading scheme involving Georgine and other directors.
During the scandal, Georgine's rich compensation package and alleged self-dealing by the directors, including several building trades presidents, also was extensively examined by an independent investigator. Since the investigator completed his report, ULLICO says, new loans by ULLICO to a company controlled by a Georgine relative came to light.------------------------------------------- posted 5:08 AM :: reference link ::
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