A New York attorney who serves as an executor of the Paul Mellon Estate has been accused of defaming a nonprofit organization the estate endows to care for more than 1,000 retired thoroughbreds.
What began as a “well-intentioned” effort by executor Frederick A. Terry Jr., who is of counsel to Sullivan & Cromwell, to become more involved in the operations of the Thoroughbred Retirement Foundation “descended into an unjustified attempt to wrest control of the TRF from its current board and officers that threatens to undermine the vitally important mission of the TRF,” a suit filed on Jan. 5 by the foundation against Mr. Terry in Manhattan Supreme Court alleges.
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