Senator Dianne Feinstein (D-Calif.) has taken legal action against the trustees of her late husband’s estate, alleging elder financial abuse in a contentious legal battle.
The 90-year-old senator filed the lawsuit on August 8th, accusing co-trustees of withholding distributions owed to her and misusing assets intended to fund her sub-trust.
Senator Dianne Feinstein Files Lawsuit
Feinstein’s late husband, Richard Blum, was the former president of the equity investment management fund Blum Capital.
He passed away in February of the previous year with an estimated net worth close to $1 billion.
The lawsuit seeks the removal of the current trustees and proposes the appointment of a temporary trustee to manage Blum’s estate, allowing Feinstein access to some of the funds.
The legal action is being pursued on Feinstein’s behalf by her daughter, Katherine Feinstein, to whom the senator has granted power of attorney.
The lawsuit targets Michael Klein, Marc Scholvinck, and Verett Mims, who serve as co-trustees for the estate. The suit alleges that the trustees have unfairly withheld distributions and misused assets.
Feinstein’s allegations include claims that the trustees made gifts to Blum’s daughters or forgave their debts without proper notice to her.
While representatives for Klein and Scholvinck deny any wrongdoing, Feinstein’s suit counters these statements, claiming the trustees have effectively denied her requests for disbursements.
Feinstein had been informed in March that the estate lacked liquidity, resulting in her inability to access funds. Klein had also highlighted the complexity of Blum’s estate, which has added to the legal complexity.
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Legal Battles and Health Challenges Amid Retirement Decision
The senator has filed two previous lawsuits in June and July, both centered on her lack of access to her late husband’s trust. Hearings for these cases are scheduled for August 21 and September 5.
Feinstein, the oldest sitting lawmaker in Congress, has opted not to seek re-election in 2024. Her departure has sparked a competitive Democratic primary process in California.
As she completes her term, Feinstein has faced challenges related to her health, including mental lapses.
She was briefly hospitalized earlier this year after contracting shingles and has been absent from the Senate for three months before returning in May.
Despite her health challenges, Feinstein continues her duties as a senator. Her recent fall at her San Francisco home resulted in a precautionary hospitalization, although she remained uninjured. The Senate is currently on recess, with plans to reconvene on September 5.
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