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In New York, A Trust Beneficiary Has Powerful Rights

By Thomas Wiegand and Justin Ellis (January 23, 2018, 1:27 PM EST) -- Suppose that the beneficiary of a trust reads in the news that his trustee, a national banking corporation, has just settled a large class action alleging fraud and breaches of fiduciary duty. The beneficiary is concerned that the trustee has committed similar wrongdoing for his trust. But he falls outside of the definition of the settling class — and, in fact, he signed a release after an accounting of the trust three years ago. Any claims he might raise against the bank seem covered by the release, even though nobody raised the bank's wrongdoing when he signed it. Does he have any recourse?...

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