Trustee
Summary
Trustee is a legal term for a holder of property on behalf of a beneficiary. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families), and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary.Trustees have certain duties (some of which are fiduciary). These include the duty to carry out the expressed terms of the trust instrument, the duty to defend the trust, the duty to prudently invest trust assets, the duty of impartiality among the beneficiaries, the duty to account for their actions and to keep them informed about the trust, the duty of loyalty, the duty not to delegate, the duty not to profit, the duty not to be in a conflict of interest position and the duty to administer the trust in the best interest of the beneficiaries.
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Media Decoder Blog: Content Lives On, Even if Web Site Doesn’t
The Web site Budget Travel is in bankruptcy court and the trustee handling the case says no staff member “will be paid a penny. ” But that hasn’t stopped the staff from producing new content.
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Content Lives On, Even if Web Site Doesn’t
The Web site Budget Travel is in bankruptcy court and the trustee handling the case says no staff member "will be paid a penny. '' But that hasn't stopped the staff from producing new content.
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A Day In The Life Of 20-Year-Old VC Ernestine Fu
20-year-old Ernestine Fu joined VC firm Alsop Louie Partners as an associate in March and made the cover of Forbes magazine in August.
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NYT’s Henriques accepts buyout, will continue to write for paper
Diana Henriques, a longtime business journalist at The New York Times, has accepted the newspaper’s buyout but will continue to write for the paper as a contributing writer.
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Penn State students flip CBS affiliate’s van after Paterno firing (The Cutline)
The Cutline - Penn State students irate over Joe Paterno's firing flipped a CBS affiliate's van on Thursday, shortly after the board of trustees announced the ouster of the legendary 84-year-old coach in the wake of the sexual abuse scandal that has rocked the school. The van, owned by WTAJ, was parked on the State College, Pa.
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Lawrence O'Donnel, Michael Moore Weigh In On Penn State Scandal
Michael Moore appeared on Lawrence O'Donnell's show Wednesday night when the news broke that Penn State's Board of Trustees announced the firing of university president Graham Spanier and head football coach Joe Paterno.
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Tim Berners-Lee Elected to Ford Foundation Board
The Ford Foundation Board of Trustees today announced the election of two new members, Martin Eakes and Tim Berners-Lee. "Martin is one of the most successful social entrepreneurs of his generation, having founded a series of national nonprofit organizations. Tim's work in the early development of the World Wide Web makes him one of the great innovators of his generation.
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The SEC's Madoff Mess Gets Worse
Louise Story and Gretchen Morgenson report that the SEC's inspector general is referring the David M. Becker case to the Justice Department for possible criminal investigation. That's a very big deal. Back in February, Madoff victims' trustee Irving Picard sued Becker, who was then the SEC's top lawyer, for $1. 5 million in "ill-gotten gains" Becker's mother bequeathed his.
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L.A. Times Employees Settle Lawsuit Over Stock Ownership Plan for $32 Million
A group of former and current Los Angeles Times employees settled a federal lawsuit against GreatBanc Trust, the trustee for Tribune Co. 's employee stock ownership plan, for $32 million. The employees contended that the leveraged buyout that res. . .
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Business Briefing | Company News: Tribune Company to Pay $32 Million to Settle Lawsuit
Former employees filed the action in 2008 against the trustee of the company’s employee stock ownership plan, GreatBanc Trust, accusing it of violating pension law.
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