A $15.8 million judgment against the former foundation president; a $5.8 million judgment against the corporate secretary; more than $500,000 in personal settlements with directors: So ended the 2004 trial of a lawsuit brought by the Texas attorney general against directors and officers of the Carl B. & Florence E. King Foundation. The case is on appeal and an appellate opinion, one of the first of its kind, is expected this summer. Should wealth advisors and foundation managers care?
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