A federal judge on Wednesday ordered arbitration to settle a dispute after Averett University filed a lawsuit against its former chief financial officer and an investment firm.

The Danville institution sought a jury trial after it claimed its board was kept in the dark while three-quarters of its endowment was drained to pay for routine operating expenses.

The 38-page civil document was filed on March 26 in the Danville Division of the United States District Court for the Western District of Virginia.

The suit names Global Strategic Investment Solutions — specifically Curt Thompson, Don Callaghan, Nick Botticelli, Matt Underwood and Dan Chesin — and Donald Bruce Aungst, the university’s former CFO, as defendants.

The financial strain has left the university with about $6 million in unp

See Full Page