A heiress filed a lawsuit for a trust fund against the world’s largest banks. She accused them of being central to decades of misappropriation.
The New York Post reports that Tanya Dick Stock and her husband Darrin Stock allege Barclays, HSBC, and other trust companies illegally facilitated the siphoning off of approximately $350 million by her father from a trust intended to benefit Tanya.
This lawsuit, which seeks damages of $12 billion, could change the way financial institutions will be held responsible for mismanagement in trusts and offshore schemes.
Dick-Stock, the daughter of late Canadian born Denver real estate mogul John Dick Sr. is charged with a breach of fiduciary duty and for orchestrating complex offshore transactions that involved fake loans, documents backdated, and accounts commingled.
Stocks claims that Barclays, HSBC and La Hougue are responsible for the improper transfer of control of the trust from her to her father’s Isle of Jersey trust company. This is in contravention of a provision of the trust that required that successor trustees be U.S. regulated trust companies or banks.
The plaintiffs claim that by appointing La Hougue the institutions had committed what British law calls “fraud upon a power,” making the appointment null and void at the outset, leaving the banks legally responsible in their capacity as trustees.
Stocks claim they found more than 300 internal boxes in their former Jersey manor, which reveal a pattern. These materials include internal memos, forged documents and bank records that show how Dick Sr. used La Hougue as a place to hide assets and help a group of clients involved in tax fraud and evasion.
Among the individuals named in these filings, there are those linked to offshore financial networks of high profile. This includes the siblings of convicted human trafficker Ghislaine Maxiwell — a link that attracted the attention of U.S. Senate Investigators who were looking into the financial entanglements of the late Jeffrey Epstein.
According to the lawsuit, the trustees of the original trust never resigned legally. Therefore Barclays or its affiliated companies are still liable for any losses suffered by the trust.
Barclays, HSBC and trust companies that were named in the suit have not responded to our requests for comments.
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As new information becomes available, this post US Heiress Slaps Billion Dollar Lawsuit on Banks Allegedly Assisted the Looting Her $350,000,000 Trust Fund could be updated.
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