Dispute Involving Schwan Foundation before State High Court
SIOUX FALLS, S.D. (AP) — The South Dakota Supreme Court is scheduled to hear arguments next week in a dispute involving the charitable foundation established by the late frozen food magnate Marvin Schwan.
Sons Mark and Paul Schwan sit on a committee that reviews the administration of the Marvin M. Schwan Charitable Foundation. They say the foundation has lost as much as $600 million in off-shore real estate ventures, and they want more details.
The Argus Leader reports that other committee members have blocked their efforts.
The foundation and its trustees in court documents acknowledge the losses, saying they are "working diligently with professional advisers to wind down these investments and minimize losses."
The foundation also argues that it provided the oversight committee with detailed information about the losses, including audited financial statements.
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