April 6, 2003, Sunday

For months, Ullico, a union-owned insurance company, had kept secret an unflattering report by a special outside counsel.

But the report, by James R. Thompson, the former governor of Illinois, became public, and it concluded that many Ullico officers and directors had violated their fiduciary duties and state securities laws when they made more than $6 million in profits trading the company stock. Lawyers for Ullico insisted that neither its chairman, Robert A. Georgine, nor its other directors, had done anything wrong. Steven Greenhouse