Americans for the Arts v. Ruth Lilly Charitable Remainder Annuity Trust

Ruth Lilly's charitable trusts, naming AFTA and other charities (plaintiffs) as remainder beneficiaries, were funded entirely with Eli Lilly stock and expressly authorized the bank trustee (defendant) to retain that concentration and validated any good-faith investment even if non-diversified; when Eli Lilly stock declined sharply before the bank fully diversified the trusts months later, AFTA objected to the bank's slow diversification as a breach of the statutory duty to diversify.