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Article: Judge Scolds Charities for Lilly Lawsuit
- Article from:
- AP Online
- Article date:
- August 23, 2006
CopyrightCopyright 2006 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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INDIANAPOLIS - Two charities bickering over the trust money of an heiress to the Eli Lilly and Co. pharmaceutical fortune were scolded by a judge over a lawsuit claiming a bank reduced the value of their donations because of delayed stock transactions.
The Chicago-based Poetry Foundation and Americans for the Arts in Washington, D.C., have been named as two beneficiaries of 91-year-old Ruth Lilly's trust after her death.
Lilly, the only surviving great-grandchild of Eli Lilly, who founded the Indianapolis-based pharmaceutical company, had a wealth valued at more than $1 billion in 2002.
That year, the two nonprofits sued National City Bank of Indiana, claiming the bank failed to sell ...