CHARLESTON — Two trust beneficiaries are suing Huntington Bancshares a Huntington bank, alleging breach of trust and breach of fiduciary duty.
Catherine Lynn Loveless of North Carolina and James Matthew Ball of Kanawha County filed a complaint in Kanawha Circuit Court against Huntington Bancshares Inc., also known as Huntington National Bank, alleging failure to invest the assets of the Ball Trust and administer the trust for the sole interest of the beneficiaries. The suit says the defendant has also charged excessive fees for compensation.
According to the complaint, between July 23, 1963, and Dec. 31, 2016, Loveless and Ball were the heirs of Helen Hall Ball and beneficiaries of the Ball trust. The suit says Huntington Bancshares received $2,700 as the trust assets of the Ball trust, which had a value of $11,369.97 as of 2016.
The lawsuit states the trust would be worth substantially more than its present day value had the initial funds been invested prudently. The plaintiffs allege they have been caused damages due to the defendant's breach of trust and breach of fiduciary duty.
The plaintiffs allege Huntington Bancshares has a duty to invest and manage trust assets, is required to administer the trust solely in the interests of the beneficiaries and is only entitled to compensation that is reasonable under the circumstances.
Loveless and Ball seek trial by jury, an amount set forth in W.V. Code 44D-10-1002, attorney fees, court costs, fees, penalties and all allowable relief. They are represented by attorneys Robert B. Kuenzel and Alexander Meade of Kuenzel Law PLLC in Chapmanville.
Kanawha Circuit Court case number 18-C-906
