A Philadelphia judge has removed the trustees from two trusts worth $27.9 million as of the fall of 2010 because the trustees failed to appoint a third trustee and because income was not distributed to the trusts’ beneficiaries in 2010.
However, Philadelphia Common Pleas Court Judge John W. Herron, sitting in the Orphans’ Court division, said in an opinion from December that the trustees of the Alexander McFadden Testamentary Trust and the George McFadden Testamentary Trust should not be subject to a surcharge between $13 million and $19 million for losses suffered by the trusts in the wake of September 2008′s stock market crisis and in the time period between April 2008 and April 2009.
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