Bremer Financial lawsuit accuses foundation directors of disloyalty in effort to sell bank

Nov 20, 20190

Star Tribune count

A lawsuit filed late Tuesday is Bremer Financial's response to actions taken recently by the directors of Bremer Trust, who have said a sale would better position the bank to compete in a changing industry and bolster the foundation's philanthropy.

A legal fight has erupted over the future of the fourth-largest bank in Minnesota.

The board of Bremer Financial has filed a lawsuit accusing the three trustees of the Otto Bremer Trust, the foundation that owns most of Bremer Financial's stock, of engaging in a "disloyal scheme" to seize control of the St. Paul-based banking company and enrich themselves through its sale, a transaction that some have estimated could gross $2 billion.

http://www.startribune.com/bremer-financial-lawsuit-accuses-foundation-directors-of-disloyalty-in-effort-to-sell-bank/565184992/