Rollins v. Rollins
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O. Wayne Rollins established ten irrevocable trusts, the Rollins Children's Trust (RCT), and nine Subchapter S-trusts, each for the benefit of his nine grandchildren. Wayne's sons, Gary and Randall, and a close friend of the elder Rollins, Henry Tippie, were named trustees. In 2010, four of the nine beneficiaries of the S-trusts brought suit against the trustees alleging breach of trust and breach of fiduciary duty and seeking, among other things, an accounting of the family entities. The trial court awarded summary judgment to the trustees and refused to order a judicial accounting of the entities which held the trust assets. To this, the trial court noted, in part, that although the trustees failed to provide an accounting of the trust assets, plaintiffs ultimately received a report on trust assets and "complete relief" on their requests through discovery. The Court of Appeals reversed and remanded, concluding: (1) plaintiffs were entitled to an accounting; (2) the trustees could be held to trustee-level fiduciary standards with regard to the family entities; and (3) genuine issues of material fact remained with regard to whether the trustees breached their fiduciary duties in administering the trusts. The issues this case presented to the Supreme Court were: (1) whether the Court of Appeals erred when it ruled that the trial court should have ordered an accounting of the family entities; and (2) whether the Court of Appeals erred when it held that the appellants had trustee-level fiduciary duties. The Court answered 'yes' to both questions presented, and the case remanded for further proceedings.
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