Sen. Dianne Feinstein (D-Calif.) has filed a lawsuit to remove the trustees from her deceased husband’s estate, accusing them of elder financial abuse in a contentious dispute.
At 90 years old, the senator submitted the lawsuit on Aug. 8, alleging that the co-trustees are unrightfully withholding distributions from her and diverting assets that should have funded her sub-trust.
Richard Blum, Feinstein’s late husband and former president of Blum Capital, an equity investment management fund, passed away in February of the previous year. His net worth was said to be nearly $1 billion.
Feinstein is seeking a temporary trustee to manage Blum’s trust to enable her access to some of the funds.
Her daughter, Katherine Feinstein, has power of attorney and is actively pushing the lawsuit. The lawsuit targets Michael Klein, Verett Mims, and Marc Scholvinck, the estate’s co-trustees.
The legal action further asserts that the trustees provided gifts or debt forgiveness to Blum’s daughters without properly notifying her. Steven Braccini, an attorney for Klein and Scholvinck, sharply criticized the lawsuit, arguing that Katherine Feinstein is at fault.
“The trustees have conducted themselves ethically and appropriately; Katherine Feinstein cannot claim the same. This lawsuit is unconscionable,” Braccini declared in a statement to The Post.
He added, “The trustees hold Senator Feinstein in high regard and will continue to do so. However, this matter revolves around her daughter’s greed rather than her needs.”
The senator’s lawsuit contradicted these claims, accusing the trustees of deceit and alleging that they failed to respond to disbursement requests, effectively denying them.
In March, Feinstein was informed that her husband’s estate was illiquid, hence her lack of accrued funds. In a distinct filing, Klein mentioned that the senator received $125,000 each quarter due to a lawsuit filed in June.
Furthermore, the lawsuit by Feinstein claimed difficulty in obtaining a complete estate accounting, with Klein emphasizing the “exceptionally complex” nature of Blum’s assets.
Feinstein has also pursued two other legal actions concerning her inability to access her late husband’s trust, with hearings set for Aug. 21 and Sept. 5.
The veteran California senator, the oldest active lawmaker in either chamber of Congress, has decided not to seek re-election in the 2024 election, paving the way for a very contentious Democratic primary.
Her service continues to be marked by memory lapses, hospitalizations for shingles, and a recent fall in her home that fortunately left her unharmed.
Feinstein’s ability to vote on Senate Appropriations Committee legislation at a hearing last month had to be prompted by her aides and colleagues. The Senate, currently in recess, will reconvene on Sept. 5.
