CHARLESTON — Beneficiaries of the trust are suing a bank, alleging breach of fiduciary duty.
Catherine Lynn Loveless and James Matthew Ball filed a complaint in U.S. District Court for the Southern District of West Virginia against Huntington Bancshares Incorporated, also known as Huntington National Bank, alleging failure to invest and manage trust assets as a prudent investor would.
According to the complaint, on Dec. 31, 2016, the assets of the Ball trust had a value to $11,369.97. The plaintiffs allege had the initial funds in the trust been invested prudently and in the best interest of the beneficiaries, the Ball trust would be worth substantially more than its present day value.
However, the plaintiffs allege, Huntington National Bank charged excessive compensation fees or incurred excessive costs and expenses way above its reasonable compensation, causing the trust to fall substantially below the value than it should be.
The plaintiffs allege Huntington National Bank failed to invest the assets of the Ball trust as a prudent investor would and failed to administer the trust for the sole interest of the beneficiaries.
Loveless and Ball seek trial by jury, judgment in an amount required to restore the value of the trust property and trust distributions, plus attorney fees, court costs, fees, penalties and all other necessary and proper relief. They are represented by attorneys Robert B. Kuenzel and James Alexander Meade of Kuenzel Law PLLC in Chapmanville.
U.S .District Court Southern District of West Virginia case number 2:18-cv-01256
