Wilmington Trust Co., a unit of M&T Bank Corp. (MTB), was sued by heirs to Mennen Co., maker of Speed Stick deodorant, seeking more than $100 million in damages for investment losses.
Mennen, based in Morristown, New Jersey, and sold to New York-based Colgate-Palmolive Co. (CL) in 1992 for $670 million, was founded in 1878. A descendant, George S. Mennen, set up a trust in 1970, according to formerly sealed court papers in Delaware Chancery Court in Wilmington.
The heirs, including Kathryn Mennen, a granddaughter of George S. Mennen, contend in a redacted complaint that Wilmington Trust took no restorative action as George Jeffrey Mennen, a co-trustee and her uncle, “wrongly dissipated” trust assets through investments in failing businesses.
The case is in the document-discovery stage, with the heirs alleging in papers made public today that the bank produced as evidence “only self-serving legal advice favorable to Wilmington Trust while withholding other legal advice that undercut its position.”
The case is Mennen v. Wilmington Trust Co., CA8432, Delaware Chancery Court (Wilmington).
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