February 19, 2019 01:01 PM
A Carver County judge has ruled that Comerica Bank and Trust, the personal representative to the estate of late Minnesota music icon Prince, is authorized to receive compensation for its services for another year.
A new ruling said the bank "shall be provisionally entitled to receive compensation at the rate of $110,000 per month, plus reimbursement for expenses incurred in connection with the administration of the estate" through at least Jan. 31 of 2020.
At that point, the bank would again have to petition the court to extend such compensation.
In December, 2017, a judge denied a petition brought by three heirs to the Prince estate to remove Comerica from its position. Attorneys for Sharon Nelson, John Nelson and Norrine Nelson argued Comerica had failed to protect and manage assets, failed to protect the estate's music catalog from unauthorized use, lacked necessary business expertise and hadn't adequately communicated with the heirs, among other grievances.
Prince died without a will in April, 2016. Comerica can't split the money from his estimated $200 million estate among Prince's six surviving siblings until the Internal Revenue Service and executor agree on the estate's value when he died.
Updated: February 19, 2019 01:01 PM
Created: February 19, 2019 12:12 PM
Copyright 2019 - KSTP-TV, LLC A Hubbard Broadcasting Company