The Delaware County Commissioners have announced the resolution of a lawsuit filed against the Commissioners by former County Treasurer Don Rankey. Visiting Judge Guy Reece has approved an agreed judgment entry that declares a 2023 amendment to the Delaware County Investment Advisory Committee’s policies was lawfully adopted and is enforceable.
The judgment entry filed yesterday, June 9, 2026, further establishes that $13,750,000 in private-placement bonds purchased by Rankey during his tenure, which ended Sept. 1, 2025, was done so in violation of the Committee’s policy that required all such purchases to be reviewed and approved by the Committee. The three bond purchases will now be reviewed by the Committee. If any of them are not approved, the judgment entry states: “…the Treasurer shall evaluate reasonable options regarding those investments, which may include holding, selling, or otherwise managing the investment consistent with Ohio law and prudent investment practices.”
The Investment Advisory Committee is tasked with ensuring that the County’s monies are invested prudently. Rankey, along with Commissioners Barb Lewis and Jeff Benton — all of them members of the IAC at that time — voted in May 2023 to approve an amendment to the Committee’s policies. The amendment requires unanimous approval by the IAC before any private-placement bonds can be purchased. In three separate transactions in 2024, Rankey invested inactive funds of the County by purchasing private-placement bonds without first presenting the investments to the IAC for review and authorization. The agreed judgement entry filed yesterday establishes a framework to address the policy violations retroactively.