Ky. judge awards trust $99 million in fraud case

Staff Writer
Columbus CEO

LOUISVILLE, Ky. (AP) — A large Chicago-based accounting firm has been hit with a $99 million judgment stemming from a civil fraud suit brought by a hotel builder and his family.

Kenton County Circuit Judge Patricia Summe this month found the firm Grant Thornton LLP negligent in the way it handled taxes for William J. Yung and his family. Yung owns Crestview Hills-based hotelier Columbia Sussex.

Summe ordered Grant Thornton to pay William and Martha Yung $4.68 million in compensatory damages and $55 million in punitive damages, as well as pre-judgment interest on $900,000 at a rate of 12 percent from June 11, 2007, through Friday's ruling.

Grant Thornton was also ordered to pay the 1994 William J. Yung Family Trust $14.6 million in compensatory damages and $25 million in punitive damages.