It didn't take long for an Illinois funeral director to confirm that IFDA members have disagreements with their association leadership.
Several Illinois funeral homes filed a lawsuit in Cook County Circuit Court on January 28th. The petition, a derivative complaint, seeks remedies and damages on behalf of all Illinois funeral homes that participated in the IFDA master trust. Various IFDA officers, board members and agents are named the defendants. The defendants include Merrill Lynch, in its capacities as an advisor to the IFDA.
The Derivative Complaint asserts facts that indicate the IFDA not only concealed critical information, but mislead funeral directors and consumers. However, the Complaint does not answer the question from my prior post: Who is the seller of the IFDA preneed contracts?
Page 20 of the Complaint approaches the issue with a discussion of "Participating Member Firm Agreements", but ultimately sidesteps the question and its legal ramifications.