An heiress of the famed DuPont family is suing M&T Bank, as successor to the bought out Wilmington Trust Co., for mismanagement and unjust enrichment in connection with several trust managed by the bank. The heiress alleges that the bank intentionally invested in illiquid funds in order to profit from management fees gained from property that needed little oversight. She also accuses the bank of taking funds from other, unrelated trust for payment on a loan the bank made to her that was secured by a specific trust worth and had never been in arrears. Damages sought include the disgorgement of all profit made from the trust and the removal of the bank as trustee.
See Maureen Milford, Du Pont heiress paints unflattering picture of Wilmington Trust, Delaware Online, June 13, 2015.
Special thanks to Jim Hartnett for bringing this article to my attention.
