Battle Between Chace v Chace Hits the Courtroom on Thursday
Thursday, November 02, 2023
Malcolm Chace and Arnold "Buff" Chace are entangled in a lawsuit over control of tens of millions in a family trust PHOTOS: Promotional
Superior Court Judge Brian Stern will hear arguments over two major legal issues.
First, Stern will hear from lawyers for Malcolm Chace and eleven other members of his family, against his stepmother and her son regarding changes to Kim Chace's will in the final days before his death. Malcolm Chace is the son of the late billionaire Kim Chace.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe six-count lawsuit alleges that lawyers made improper changes to the late billionaire Kim Chace’s will while he was incapacitated.
The changes, known as the “second Codicil,” dramatically enriched Liz Chace, the wife of Kim Chace, by increasing the annual distribution from one of the family's many trusts from $400,000 to $800,000.
The difference between the two amounts plus the interest totals millions — and may be close to $10 million.
Much of Kim Chace's wealth was tied to his family's role in the creation of Warren Buffett's legendary Berkshire Hathaway.
Liz Chace's attorney disputes claims about the charges.
Michael Burke, a partner at the law firm DarrowEverett, told GoLocal in July, "My client is aware of this new lawsuit and firmly denies the allegations that there was any wrongdoing or impropriety with respect to the changes made to Kim Chace’s Will through the Second Codicil. Malcolm and his siblings have been aware of the Second Codicil since shortly after Kim Chace’s passing over a decade ago and never once raised an objection or any concern when Kim’s Will was probated in the Florida Probate Court."
"Their decision to raise this issue now only highlights their greed and personal animus towards Liz and the other defendants," he added.
The Big Battle
Stern will also hear arguments by Buff Chace's attorney requesting summary judgment on the lawsuit brought by Malcolm Chace that alleges misuse of tens of millions of dollars in trust monies by Buff Chace. Summary judgment is granted when the facts can be decided upon without needing to go to trial, where the opposing party would lose due to a lack of evidence, according to legal definitions.
That lawsuit was first filed in early 2022.
Today, Malcolm Chace heads the investment firm Canton Hathaway in Providence. His business partners include Jim Procaccianti, President and CEO of Procaccianti Companies — “a firm that claims more than $10 Billion of diversified real estate investments in more than 130 cities across 31 states coast to coast.”
The litigation between the Chace family members may emerge as one of the most extensive trials in Rhode Island's history and rival some of the most notable cases in the state's history. One major difference between this battle and some of the other notable cases is this is a civil case, and the most notable cases in the state's history have been criminal cases -- murders, political corruption, and more.
The courtroom will be packed with lawyers representing the cadre of factions in the Chace litigation.
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- Billionaire Chace’s Will Was Changed in Final Days of His Life — He Was “Completely Incapacitated”
- Buff Chace and Smiley Criticize Hiring of Max Wistow by Providence City Council
- Chace v. Chace — New Lawsuit Filed Targets Last Day Changes to Billionaire Chace’s Will
- COMING MONDAY: RI Billionaire’s Will Was Changed in Final Days - He Was “Completely Incapacitated”
- How Kim Chace Changed Rhode Island
