The city of Dixon, Ill., is citing a deposition by a former bank branch manager in its lawsuit against the bank where former city comptroller Rita Crundwell held a secret account.
Crundwell used the account in her theft of more than $53 million in public funds. The former city bookkeeper was sentenced in February to nearly 20 years in federal prison after pleading guilty to wire fraud.
Crundwell stole the money over 22 years, using it to support a lavish lifestyle and a horse-breeding operation.
The city’s lawsuit against Fifth Third Bank and its auditors lays the blame on them and seeks $53 million in damages.
The (Dixon) Telegraph reported Saturday that the deposition acknowledges the bank failed to follow reasonable commercial banking standards in its handling of the account.
Was this article valuable?
Here are more articles you may enjoy.
Google Accused of Overcharging 20 Million Consumers in UK Class Action 
Warren, Hawley Press Insurers Over Closed, Unpaid Claims 
Report: Property Claims Face Delays, Are Growing More Complex 
Climate Science Under Political Attack Reaches US Supreme Court 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.