Resignation of Trustee (Bank)
Our trustee resigned. They paid themselves a termination fee 4X their normal annual fee. They also paid out, on the last day, attorney retainers – 5X there annual fee. They told the benificiaries that they would return the retainers (but not the termination fee) only if we signed a global release to hold harmless. Is this leagal?
Re: Resignation of Trustee (Bank)
No, an attorney cannot hold client’s money hostage for any reason unless there is a dispute as to payment. You are not obligated to sign a global release.
It sounds like you should consider contacting the ARDC (Attorney Registration and Disciplinary Commission).
Please feel free to give us a call if you want to talk about your case.
Motty Stone
Law Offices of Motty Stone
6207 N Sacramento Ave
Chicago, IL 60659