A lawsuit filed in Alabama alleges Regions Financial Corp. mismanaged a charitable trust named for a former Alabama secretary of state, saying it charged exorbitant fees and steered scholarship money to children of the trust board members.
The suit, dated July 7, was filed in Montgomery County Circuit Court by family members of Mabel Amos, who served as Alabama Secretary of State from 1967 to 1975, al.com reports.
According to the lawsuit, the board trustees benefited personally "using the funds in the Trust to educate their children at out-of-state expensive colleges and were not in financial need, while members of Amos’ immediate family were in financial need."
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The suit seeks to remove Regions as the trustee bank and require it to pay back all distributions to the trustee children.
The suit also calls for compensatory and punitive damages.