We’ll lead off this morning with a piece on the developing Schwan Foundation litigation. In the Nonnprofit Quarterly, Michael Wyland reports on oral arguments before the South Dakota Supreme Court over the issue of whether two of the founder’s sons who serve on the Trustee Succession Committee have legal standing to gain access to documents detailing foundation investment losses of $600 million. It is interesting to note that while the South Dakota Attorney General found no criminal wrongdoing in the investment losses, the AG did not investigate whether there was a breach of fiduciary duty. It would certainly seem that the sons’ access to the documents would be essential in order to determine if there has been a breach of the Trustees’ fiduciary duties. There is a link in the story to the oral argument.
In JDSupra, Jeana Goosman writes about a common asset protection tool, the Domestic Asset Protection Trust.
And in celebrity news, Natalie Robehmed reports in Forbes that Prince passed away without a Will.