The daughters of late music legend Tony Bennett are doubling down on their accusations that their brother, Danny, allegedly mismanaged their father’s funds and their household belief.
Antonia and Johanna Bennett have been locked in a authorized battle with their brother since June, a 12 months after Tony’s passing in July 2023 on the age of 96.
Beneficiaries of The Tony Bennett 1994 Household Belief, the sisters sued Danny – the fund’s sole trustee – over belongings they alleged have been unaccounted for after their father’s demise.
Antonia and Johanna’s brother Dae can be listed as a beneficiary.
Danny submitted a movement in November in search of to have the case transferred to the surrogate’s court docket or dismissed. Nevertheless, on January 3, Antonia and Johanna filed a movement urging the court docket to reject Danny’s request. They voiced “serious concerns” about what they declare as Danny’s “mismanagement” of his fiduciary duties, in keeping with court docket paperwork considered by The Publish.
“Danny acted in multiple, conflicting fiduciary capacities for an extended period prior to Tony’s death and took (for himself and his children) significant funds from the Family Trust,” the sisters allege within the submitting.
“Moreover, as publicized by Danny to various media outlets, at some point prior to Tony’s death, Tony entered a phase of diminished capacity, which means Tony was no longer able to act as co-Trustee, leaving Danny to serve as sole Trustee of the Family Trust with no oversight.”
Antonia and Johanna additionally insist they’ve a proper to an account of Danny’s dealing with of their father’s funds earlier than and after the singer handed, claiming there was a “lack of transparency” and alleging Danny was performing unsupervised.
“[Tony] expressed a clear intention and direction in his estate plans that all four of his children be treated equally,” the sisters’ submitting reads.
Antonia and Johanna additionally declare that Danny issued checks from the belief to himself “as he saw fit.” They level to a sequence of alleged transactions in 2022, claiming he made“multiple gifts to himself” totaling $200,700. Moreover, they allege that Danny took month-to-month advances of $50,000 beginning in 2021 on prime of his enterprise administration fee, although the funds weren’t formally accredited till 2022.
The controversy additionally entails a 2022 deal the place Danny facilitated the sale of Tony’s belongings to the corporate Iconoclast. Though Danny claimed that Tony was “in financial trouble” on the time, the sisters argue that monetary information present their father “still had millions of dollars.”
They allege that Danny continued to “make gifts to himself and his children with Family Trust assets,” together with practically $2.6 million in commissions to his firm, RPM Productions. In distinction, Antonia and Johanna declare they’ve every solely obtained $245,000 from the belief.
“Without more information about Tony’s income, it is unclear whether the payments Danny was making to himself exceed what was contractually owed to him,” Antonia and Johanna’s submitting states.
“Statements and management agreements provided by Danny indicate that commissions paid to [his company, RPM Productions] appear to have been much higher than they should have been based on Tony’s income.”
A supply near Danny Bennett advised The Publish, “Tony and Danny Bennett have worked together for over 40 years, and the record of their successful partnership speaks for itself.”
The insider added, “Tony thoughtfully planned his estate to reflect his wishes and generously provided for his loved ones. Danny has always acted in Tony’s best interest and has worked diligently to ensure his father’s plans were honored and carried out.”
“It is unfortunate and sad that some are choosing to dispute his decisions rather than honoring Tony’s legacy.”
The Publish has reached out to Danny’s lawyer for remark.
Tony Bennett established the belief in 1994, with Danny and Dae initially named co-trustees. After amending the belief in 2008, Tony and Danny grew to become the only real trustees.
