URBAN RENEWAL AGENCY, ETC. v. Swank

Appellants appeal from a declaratory judgment, equitable in nature, allocating losses incurred in the Marion County Treasurer’s investment of appellants’ and others’ funds of which he had custody. We affirm.

Trial Court Opinion

The facts are long and complex, involving many parties. The trial court’s opinion summarizes them:

"This litigation involves the loss of some $18 million by the Marion County Treasurer of funds in his custody. The loss was caused by improvident or unlawful investment in 'standby commitment’ and 'forward commitment’ agreements. 1 These 'standby’ and 'forward’ agreements…