Cy Pres: 'As Close As Possible' Is Not Good Enough
October 7, 2013, 12:25 PM EDT
Law360, New York (October 7, 2013, 12:25 PM EDT) -- “Closeness” counts in horse shoes, hand grenades, and sometimes in the law of wills and trusts. Under the trust doctrine of “cy pres,” a court may redirect charitable funds when the object of the testator’s gift is not possible. The court finds another charity whose objectives most nearly match the testator’s intent, for example, the Sierra Club in place of the Audubon Society if the latter were to become defunct.
What does cy pres have to do with unclaimed funds in a class action judgment or...