Wills, Trusts & Estates Prof Blog

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

Monday, June 24, 2013

Upjohn Settlement Benefits Kalamazoo Community

Kalamazoo_mi

The Kalamazoo Community Foundation in Michigan will collect $23 million out of a $44 million trust fund set up by Dr. William E. Upjohn, the founder of The Upjohn Company.

Dr. Upjohn set up the fund to reward at least two deserving employees a year as long as his company was in existence.  After Upjohn eventually became Pfizer through a series of complex mergers, the Kalamazoo Community Foundation claimed the company no longer existed, which would make the Foundation the rightful beneficiary.

The Foundation settled with Upjohn Company‚Äôs subsidiary, Pharmacia & Upjohn Co. LLC, whereby half of the trust will go to the Foundation while the other half continues to reward employees.  The endowment will supposedly generate $810,000 annually to assist the needs of the Kalamazoo community.

See Al Jones, $23 Million Gift is Collected by the Kalamazoo Community Foundation as Court Settles History-Laden Upjohn Prize Case, MLive.com, June 21, 2013.

https://lawprofessors.typepad.com/trusts_estates_prof/2013/06/upjohn-settlement-benefits-kalamazoo-community.html

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