Judge Scolds Two Arts Groups for Suing Bank
August 24, 2006 | Read Time: 1 minute
Judge John Baker, of the Indiana Court of Appeals, scolded two charities that sued the National City Bank of Indiana for allegedly reducing the value of gifts from the pharmaceutical-company heiress Ruth Lilly by delaying stock transactions, reports the Associated Press.
The Poetry Foundation, in Chicago, and Americans for the Arts, in Washington, said the bank failed to sell promptly $286-million worth of stock held in Miss Lilly’s trust, decreasing the organizations’ gifts by tens of millions.
While he has yet to reach a decision on the lawsuit, Mr. Baker derided the groups’ actions. “If you have a gift horse,” he said Wednesday, you “keep your mouth shut.”
Read The Chronicle’s article about the Lilly gifts. (A paid subscription is required to view the Chronicle article.)
