 |
 |
|
|
|
|
|
|
|
|
The Des Moines Register , Monday, May 22, 1989 IOWA FAMILY AWARDED $1 MILLION IN LAWSUIT AGAINST MUSCO OFFICIAL
A New Sharon farmer, his wife and two sons have been awarded nearly $1 million in lawsuit against an officer of Musco, Inc., the nationally known Oskaloosa portable lighting company. John Coster, his wife, Eleanor, and sons Jonathon and David had sued Joe Crookham of Oskaloosa, Musco's president and a principal owner, his partner, Myron Gordin of Oskaloosa, the First National Bank of Muscatine, and Iowa Trust and Savings Bank of Oskaloosa. The suit charged them with mishandling a trust the elder Costers set up in 1974. The suit charged that Crookham breached his duties as trustee by using the trust's assets to back a loan for acquiring Musco, then known as the Muscatine Lighting Co., in 1976. The suit also accused Crookham of giving excessive amounts of money to John Coster in violation of trust provisions. The Oskaloosa bank was accused of failing to correct the situation when it assumed co-trusteeship in1985. It also was charged with a conflict of interests for lending to itself as a co-trustee. Gordin and the Muscatine bank were accused of knowingly benefiting from the improper use of the trust assets. The Muscatine County District Court jury rejected those claims, said Tom Riley, who represented the Costers in the suit, and issued a judgment of $963,234 against Crookham and the Oskaloosa bank. "They were loaning money to themselves," said Riley, a Cedar Rapids lawyer. The trust's assets consisted of 900 acres of farmland that John and Eleanor Coster transferred to Crookham who acted as their trustee. Riley said the award would put his clients "back in the financial condition they were in before Crookham took over as trustee." "At that time, there were only $435,000 in mortgages on the farms," Riley said. "And when Crookham and the bank stepped down as trustees in 1987, the debt was $1.2 million." Tom Riley Law Firm, P.L.C.
Home // Firm Overview // Attorneys // Practice Areas // Offices The determination of the need for legal services and the choice of a lawyer are extremely important decisions that should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. A description or indication of limitation of practice does not mean that any agency or board has certified such lawyer as a specialist or expert in an indicated field of law practice, nor does it mean that such lawyers is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Copyright © by Tom Riley Law Firm, P.L.C. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. |
