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Americans for the Arts Sues for Lilly Largesse

Date: May 28, 2003
Author: Leonard Jacobs
QUOTE: The lawsuit alleges that National City Bank of Indiana, instead of selling the stock shortly after the creation of the trusts in January 2002, held on to the stock through most of the year, a period when the share price tumbled from $75 to $47. The result, he says, "was a decline in the overall value of Ruth Lilly's gift to Americans for the Arts of some $25 million."

ABSTRACT: Americans for the Arts and Poetry magazine are each filing individual lawsuits against the National City Bank of Indiana, alleging that the bank wrongfully held on to stocks that were part of a monetary gift donated by philanthropist Ruth Lilly. As a result of the delay, the stocks plummeted and the funds for the donations shrunk by millions.
--- Sandra M.A. Ogle

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