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Court grants stay of trustees’ replacement

Court grants stay of trustees’ replacement

Court grants stay of trustees’ replacement

The federal District Court in Wisconsin has granted a stay in its order to remove the individual trustees of a supporting organization to the Minneapolis Jewish Federation pending appeal of its ruling. The Court had ordered removal of the trustees for breach of fiduciary duty and had ordered the addition of a new bank trustee. ( See Nonprofit Issues ® , Vol. XXVIII No. 5 ) The parties agreed to post a bond to protect a payment by the individual trustees to the trust of $1.2 million in legal fees and costs incurred in the litigation, and reimbursement of $188,000 in legal fees improperly paid by the trust to one of the individual trustees, but the trustees objected to their replacement and...

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