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A New York appellate panel held that a bank was liable for its failure to diversify investments held in its trust. Although the beneficiaries agreed to a waiver stating the investment would consist entirely of IBM stock and holding the bank harmless in the event of a drop in value, the panel ruled the waiver did not insulate the bank from liability.
August 11, 2000 at 12:00 AM
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The original version of this story was published on Law.Com
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