dumbfoundry

Indiana Judge Sides With Bank, Against Arts Groups in Lilly Case [US]:

A probate judge in Marion County, Indiana, has dismissed claims by two charitable groups that alleged the bank overseeing pharmaceutical heiress Ruth Lilly's estate mismanaged two trusts, costing the organizations tens of millions of dollars, the Indianapolis Star reports.

Washington, D.C.-based Americans for the Arts and the Chicago-based Poetry Foundation, both beneficiaries of the trusts, claimed in their suits that National City Bank of Indiana failed to adequately diversify the funds in the trusts to minimize investment risk. In making his summary judgment, Judge Charles Deiter found that the trust documents give the bank broad discretion in estate investments and that it acted in good faith. The organizations are expected to appeal the ruling.

That link to the Ruth Lilly bio sure is something else:

Sole living heiress to the Eli Lilly pharmaceutical fortune, built by her great-great grandfather. Lilly is confined to a wheelchair and hooked on Prozac, a product of Lilly, to treat her lifelong clinical depression. She nonsensically gave a stock pledge of $100M to Poetry magazine, which at the time had only four employees. In total, Ruth has given away a cumulative $740M as of February 2004, mostly to the arts.

Italics mine.

This entry was posted by Ivy on Tuesday, December 06, 2005 at 2:46 PM. You can skip to the end and leave a response.