The Court of Appeals of Minnesota has affirmed a trial court decision removing one of the trustees of the Otto Bremer Trust, a $2 billion private foundation in St. Paul, for “serious breach of trust” under state law. The Attorney General had petitioned for the removal of all three of the Foundation’s trustees, but the trial court granted the petition only as to one of the group. The removed trustee appealed and the Court of Appeals has affirmed. The trial court had found that Trustee Brian Lipschultz violated his duty of loyalty through self-dealing, aggressive behavior during a sale of Foundation stock, and abuse of his grantmaking powers. It further determined that he had violated a “duty...