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Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Thursday, September 19, 2013

Mennen Heirs Sue Wilmington Trust

WilmingtontrustThe heirs to Mennen Co., are suing Wilmington Trust in the amount of $100 million for investment losses. Mennen Co., the company that makes the deodorant Speed Stick, is headquartered in New Jersey. The company was sold to Colgate-Palmolive in 1992 for $670 million. George Mennen created a trust in 1970.

Kathryn Mennen, George Mennen's grand daughter, stated that Wilmington Trust did not take any mitigating action when the co-trustee and her uncle, "wrongly dissipated" the trust assets through investments in a floundering business. The case is currently in discovery.

See Bloomberg News, Wilmington Trust Sued by Mennen Heirs Seeking $100M, American Banker, Sep. 11, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/09/mennen-heirs-sue-wilmington-trust.html

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