Swanson says 2 firms preyed on seniors

Minnesota Attorney General Lori Swanson filed a lawsuit Wednesday against two California companies, accusing them of preying on the state's senior citizens through the sale of living trusts.
According to the suit, filed in Hennepin County district court, American Family Legal Plan and its affiliate Heritage Marketing and Insurance Services Inc. conned Minnesota seniors into buying "boilerplate" living trusts regardless of whether the product suited their needs.
Other states have filed similar suits against the two companies over the past year.
Living trusts are estate-planning products. Though they can be beneficial to some, they often are not necessary, particularly when the plans aren't tailored to each person's needs, Swanson said. Still, she said, many seniors purchased the plans because American Family agents convinced them that without a living trust, their heirs would lose their estate.

Bayshore bank acquires CIBC bank and Trust financial services

This comes with financial services of CIBC Trust operations in Barbados now being acquired by a private banking and investment firm. This island's branch of CIBC Bank and Trust (Cayman) Limited services will be taken over by Bayshore Bank and Trust which already has operations in the island. The latter has entered into a binding agreement to acquire the financial services business of CIBC Bank and Trust. The transaction is expected to close immediately. This acquisition follows recent news of Bayshore acquiring Turks and Caicos Islands-based Private Counsel Trust Ltd. The announcement came from John Perry Bujouves, Chairman of Bayshore Bank & Trust.
CIBC (Cayman)'s Barbados branch provides fiduciary, company management and other financial Services to a portfolio of Canadian-based clients.