A plan for a $120 million-asset Chicago-based family foundation to hand out $82 million this year has triggered a court fight pitting members of the Regenstein family against one another, Bloomberg News reported Sept. 17.
Betty Regenstein Hartman, a daughter of fund founder Joseph Regenstein Jr. – who died last year — has asked a judge to decide whether her plan is valid in the face of opposition from other family members who she wants to spend too much, Bloomberg said, quoting the Chicago Tribune.
Robert Mecca, vice president of the Joseph and Helen Regenstein Foundation, has blocked Hartman’s plan with backing from other family members.
The foundation typically makes annual donations totaling 5 percent to 7 percent of its assets, the Tribune said.
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