Judges rules Comerica authorized for compensation for another year as executor of Prince estate

Judges rules Comerica authorized for compensation for another year as executor of Prince estate Photo: KSTP

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. 

Advertisement

RELATED: As Prince heirs stew, bankers and lawyers cash in on estate

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.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

KSTP

Copyright 2019 - KSTP-TV, LLC A Hubbard Broadcasting Company

Advertisement

U of M professor sentenced to nearly 6 months in workhouse following domestic assault case

2nd arrest made after woman tortured, shot in Washington County

Golden Valley, Roseville, Minnetrista the latest areas targeted by prolific burglary crew

Minnesota Republicans optimistic about 2020 election after President Trump announcement

Kepler's hit in 17th gives Twins 4-3 win over Red Sox

Advertisement