Americans For The Arts Sues Bank

Americans for the Arts is suing the bank that managed the $100 million bequest from Ruth Lilly. “The lawsuit alleges that the bank, rather than selling the stock after the creation of the trusts in January 2002, held on to it during a time when the share price declined from $75 to $47. The result, he said, lowered the overall value of the gift by some $25 million.”