|Bearcats' Tuberville settles fraud lawsuit|
|Written by Admin|
|Thursday, 10 October 2013 09:23|
U.S. District Judge Myron Thompson approved the settlement on Tuesday, according to online court filings. Details weren't released.
The lawsuit alleged that a hedge fund Tuberville helped manage defrauded clients of more than $1.7 million. Devin Dolive, an attorney representing Tuberville, declined to comment.
Attorneys for Tuberville had denied the allegations. A onetime business partner of Tuberville, John David Stroud, pleaded guilty to securities fraud in August. Tuberville was not charged but the federal lawsuit had been scheduled for trial on Oct. 15.
Stroud was ordered to serve 10 years in jail and pay more than $2.1 million in restitution.
Tuberville is a former Auburn and Texas Tech coach.