Symphony Sues Bank, Foundation Over Distribution Of Lillian Colby Trust

  • Wednesday, October 1, 2014

The Chattanooga Symphony and Opera Association has filed suit, saying it is not getting its promised share of the estate of Lillian L. Colby.

The Chancery Court complaint was brought against SunTrust Bank and the Lillian L. Colby Charitable Foundation.

The suit says Ms. Colby regularly attended CSO productions, was a season ticket holder for many years, and often made monetary gifts to the group.

It says Ms. Colby in 1991 made plans for the distribution of her estate and expressed intent "to provide specifically for CSO in a continuous manner after her death."

The suit says Ms. Colby also wanted her money to go to Wayside Presbyterian Church and other charitable groups.

Ms. Colby died Dec. 23, 2010. The suit says she had set up a residuary trust that assigns one third of her estate to the charitable trust. The foundation was not established until Nov. 16, 2012, and not funded until Nov. 28, 2012, it was stated.

The complaint says since the foundation was established SunTrust and the foundation board "have pursued a course of conduct that is inconsistent with Mrs. Colby's expressed intent for the foundation and contrary to the requirements and limitations placed on the foundation by the trust agreement."

It says CSO was required to apply for a grant before any funds were dispersed to it. 

CSO said it was informed this spring that grants from the foundation would only go to groups with youth education programs.

The complaint, filed by attorney John Konvalinka, asks that SunTrust Bank be removed as trustee and that current members of the foundation board be removed. They are Jim Vaughn, Gary Chazen, Catherine Colby, Ryan Crimmins, Dana Perry and Ben Probasco.

 

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