BOONVILLE — Attorneys representing a Boonville bank accuse the Indiana State Board for Depositories of unlawfully “hoarding” millions of dollars owed to financial institutions over a decades-long span.
In a proposed class-action lawsuit filed Dec. 22, Boonville Federal Savings Bank charged that the state board’s management of the Indiana Public Deposit Insurance Fund violated state law and amounted to “unjust enrichment.”
On Monday, after the suit was filed in Marion County Superior Court, the Board for Depositories and Indiana State Treasurer Daniel Elliott issued a joint statement decrying the complaint as a “money grab.”…