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Archdiocese of New Orleans Accused of Securities Fraud by Investors, by by David Hammer – Brown Pelican Society of Lousiana

Archdiocese of New Orleans Accused of Securities Fraud by Investors, by by David Hammer

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Archbishop Gregory Aymond, April 2013. This file is licensed under the Creative Commons Attribution 2.0 Generic license... You are free: to share – to copy, distribute and transmit the work ...

By David Hammer,  CBS News, (Complicit Clergy), June 19, 2025

The Catholic archdiocese of New Orleans is planning to default on a nearly $1 million interest payment on more than $41 million in bonds it sold in 2017, leading lawyers for the people who purchased the church’s debt to allege in open court that the archdiocese had engaged in “the definition of securities fraud.”

An attorney for the archdiocese counters that the allegation is “an extreme stretch.” But whatever the case, the dispute pitting the US’ second-oldest Catholic diocese against people who purchased debts the New Orleans church took on to rebuild after Hurricane Katrina could complicate efforts to settle more than 600 clergy abuse claims.

Lawyers for investors who purchased the church’s debts on the bond market made the securities fraud accusations in front of US Bankruptcy Judge Meredith Grabill on Friday. ….

Continue reading at CBS News

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