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$660M Mellon Estate Battle Must Await State Court Action
Law360 (March 5, 2021, 8:05 PM EST) A Pennsylvania federal judge abstained from a battle between the claimants to a $660 million trust established by members of the Mellon banking and oil dynasty, holding that a state court s experience with the intricacies of the long-running dispute outweighed federal jurisdiction.
Friday s order stays a federal action pending the resolution of a parallel state court case brought by the Jennie K. Scaife Charitable Foundation, which alleges that the individual trustees and corporate trustee PNC Bank failed to divide a grandchildren s trust between siblings Jennie and David Scaife before Jennie s 2018 death deprived the foundation of a $330 million inheritance..
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An Allegheny County judge has approved a settlement in the long-running battle over a 1935 trust left to conservative philanthropist Richard Mellon Scaife.
Common Pleas Judge Joseph K. Williams III docketed the order on Dec. 23, which approves a $200 million settlement proposed by some of the parties nearly one year ago.
Scaife, who owned the Tribune-Review, died on July 4, 2014.
His mother, Sarah Mellon Scaife, established a trust for him in 1935. According to the court, Richard Scaife made requests for distributions from that trust from 1996 through 2014. At the time of his death, the trust, which at one time had $450 million, had been depleted.