A lawsuit against Regions Financial Corp. alleges that while the bank administered a charitable trust named for a former Alabama secretary of state, it charged exorbitant fees and steered scholarship money to children of the trust board members.
Regions accused of mismanaging former Alabama Secretary of State’s trust, paying board members’ children scholarshipsWilliam Thornton | [email protected]
The suit seeks to remove Regions as the trustee bank and require it to pay back all distributions to the trustee children, as well as compensatory and punitive damages. At the same time, the wells have produced between $70 million to $80 million worth of oil and gas, or roughly 100 barrels of oil a day, along with millions of cubic feet in natural gas.
Further, the suit claims that Manning’s daughter received about $72,000 in scholarship money over an 11-year period from elementary school through college from the trust, while it paid three times that amount in just one year to the children of trustees.reported the son and daughter of Alabama Ethics Commission Executive Director Tom Albritton received $120,000 from the trust to attend the University of Texas.
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