Arizona Foundation investors recoup more losses

PHOENIX, Ariz. — Investors in the Baptist Foundation of Arizona recently received their share of the $217 million settlement with Arthur Andersen, the former auditor for the Foundation.

This latest distribution alone returns approximately 30 percent of the money investors lost in the foundation collapse, according to Clifton Jessup, the liquidating trustee. When added to previous distributions, this brings the total recovery to approximately 45 percent of an investor’s holdings, Jessup said.

Another previously announced settlement — with the Arizona Southern Baptist Convention and six other entities — is awaiting court approval and will raise the recovery paid to the investors to approximately 50 percent, Jessup said.