Court dismisses suit attempting to remove corporate trustee because only predecessor bank was named in trust documents.
The beneficiaries of Texas trusts created between 1966 and 1972 sued Wells Fargo Bank alleging constructive fraud on the grounds that Wells Fargo was not named as trustee under the original Texas trust documents. First Wichita National Bank was the initial named trustee of the trusts and through bank mergers Wells Fargo became the trustee of the trusts. The beneficiaries also alleged that Wells Fargo and the prior trustees did not follow the procedures set forth in the trusts to become successor trustee, and sought to remove Wells Fargo as trustee. The District Court for the Eastern District of Texas granted Wells Fargo’s motion for summary judgment. The beneficiaries filed what the court deemed a motion to reconsider that the court denied on the grounds that the beneficiaries did not offer any new evidence or identify manifest errors of law or fact, but rather recycled the prior arguments that had been fully briefed, argued and rejected by the trial court.