Civil Litigation
Aug. 21, 2017
McClatchy beneficiary sues trustees after stock price plummets
A beneficiary of the McClatchy family trust alleges in a trial set to begin Monday that trustees, some of whom were also directors in the McClatchy Co. newspaper chain, violated their fiduciary duties to the trust by choosing to act for the company instead.
A beneficiary of the McClatchy family trust alleges in a trial set to begin Monday that trustees, some of whom were also directors in the McClatchy Co. newspaper chain, violated their fiduciary duties to the trust by choosing to act for the company instead.
The result of this conflict of interest, petitioner Carlos McClatchy alleges, is that the director/trustee 2006 approval of McClatchy Co.’s debt-laden purchase of the former Knigh...
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