Philadelphia Charities in Battle With Bank Over Trust
April 20, 2009 | Read Time: 1 minute
Two Philadelphia organizations largely backed by charitable trust are locked in a court battle with the bank that holds the trust, The Philadelphia Inquirer reports.
Bank of New York Mellon Corporation says it has been underpaid under a deal struck with Elizabeth R. England in 1963, 10 years before her death, and is owed higher annual fees as well as more than $1-million in back payments.
Ms. England’s beneficiaries, Philadelphia’s Episcopal Cathedral and a summer camp for poor city children, dispute that contention. They say they are particularly concerned about the bank’s demands because they are facing budget cuts due in part to the $14-million trust’s declining value. Each side says its position is backed by the 1963 trust agreement.
