Bank Trustee Not Liable For Delay in Distributing Funds
Value of distributions to charities dropped $11 million between event trigging distribution and delivery of cash
A bank trustee that took a little more than two months to distribute trust funds to charities during the precipitous drop in stock prices in late 2008 is not liable for a breach of fiduciary duty under the circumstances of the case, an appellate court in California has affirmed. (Estate of Gilliland, Hi-Desert Memorial Hospital v. Union Bank of California, Ct. of App. CA, Second Dist., Div.
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