Americans for the Arts Sues Over $100 Million Lilly Bequest

Americans for the Arts was promised $100 million from the estate of Ruth Lilly. But the bequest was made in Eli Lilly stock and the stock declined precipitously. So the organization is suing the bank managing the money. “The lawsuit alleges that National City Bank of Indiana, instead of selling the stock shortly after the creation of the trusts in January 2002, held on to the stock through most of the year, a period when the share price tumbled from $75 to $47. The result, he says, “was a decline in the overall value of Ruth Lilly’s gift to Americans for the Arts of some $25 million.”