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University of Washington sues to end bank contract

October 1, 2008 /

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The University of Washington is trying to terminate the contract with its bank of 20 years, saying in a lawsuit that the institution refused to respond to the school’s attempts to withdraw money from a failing lending program that has cost it at least $7.5 million since April.

Reeling from the same instability plaguing most Wall Street investors, the UW filed a suit last week in King County Superior Court against Northern Trust, an Illinois-based investment management service that acted as a custodian for about $1.4 billion from the UW — about half the university’s endowment.

By AMY ROLPH
P-I REPORTER

Full Story: http://seattlepi.nwsource.com/local/381280_uwsuit01.html?source=rss

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