Foundation not entitled to attorneys’ fees
A private foundation in Pittsburgh that successfully fought off a challenge by the founder’s grandchildren to the composition of its board has been denied a claim to recover attorneys’ fees and costs that it said totaled nearly $1.5 million. Jack Buncher and several family members, including his daughter Bernita, formed the Foundation in 1974. After Buncher died, the board of directors amended the articles of incorporation and bylaws in 2011. The grandchildren claimed that the three other directors had exercised undue influence over Bernita and breached their fiduciary duty by eliminating the right of Buncher’s descendants to serve on the board and redirecting the Foundation’s assets to...
The full text of this article is available to paid subscribers only. Login or subscribe to read more