Poetry Magazine Sues As $100 Million Gift Shrinks By A Third

That $100 million that Ruth Lilly left to Poetry Magazine has turned out to be about a third less than promised. And the magazine is suing the bank that was managing the money. “Court documents show that when the fund was created, Lilly stock was selling for about $75 a share. By the time the bank unloaded most of it, it was about $48 a share. According to papers filed in Probate Court in Indianapolis, attorneys for the Poetry Foundation said the $102 million ‘is a significant financial loss to Poetry and the other beneficiaries . . . and is a direct and proximate result of the bank’s wrongful conduct’.”