UPDATE: SCHWAB FOUNDATION

Indiana Attorney General Steve Carter said that nearly 90 percent of the $8-million in assets held by the Olin B. and Desta Schwab Foundation have been recovered, reports the Fort Wayne Journal-Gazette. The attorney general’s office is suing the foundation for the actions of its former board president, Richard A. Blaich, who is accused of dismissing his staff and moving the organization from Fort Wayne, Ind. to Nevada, where he purchased a luxury home and memberships to country clubs and golf courses with foundation money. The foundation, a grant-making group that helps students find careers, has since acquired an all-new board of directors appointed by the attorney general’s office. Mr. Blaich has said previously that the luxury home was purchased as a real-estate investment; his lawyer could not be reached for further comment.