Price v. Glenmede Trust Co., N.A.

Ohio Court of Appeals·Decided September 4, 2026·No. L-25-00242·Published

Opinion

IN THE COURT OF APPEALS OF OHIO SIXTH APPELLATE DISTRICT

LUCAS COUNTY

Sandra L.A. Price Court of Appeals No. L-25-00242

Appellee Trial Court No. 2021 ADV 2840 v.

Glenmede Trust Company, N.A., et al. DECISION AND JUDGMENT Appellant Decided: September 4, 2026

*****

Thomas P. Dillon and Nicholas T. Stack, for appellee Brian S. Sullivan and Sarah E. Abbott, for appellant

*****

MAYLE, J.

{¶ 1} Appellant, David Epstein, appeals the January 16, 2026 judgment of the Lucas County Court of Common Pleas, Probate Division, that approved the modification of five trusts of which appellee, Sandra Price, is the beneficiary. For the following reasons, we affirm.

I. Background and Facts

{¶ 2} This case involves control of five trusts set up for Price’s benefit. Each trust contains a provision creating a trust advisory committee that holds the “rights and powers” set forth by the trust, which “shall be held by the Advisory Committee in a fiduciary capacity and shall be exercised in all respects as though the same were exercised by trustees . . .” of the trust. Each trust also has a trustee, whose powers are to be exercised in accordance with the written directions of the advisory committee. The provisions related to the advisory committees provide for replacing an advisor “[u]pon the death, resignation, incapacity or refusal to serve of any member[,]” but do not otherwise provide for removing and replacing a member.

{¶ 3} In December 2021, Price filed a complaint seeking to remove Epstein as a member of the trusts’ advisory committees. She alleged that she and Epstein were married and going through a divorce; she had asked Epstein to step down from the advisory committees, but he had refused; Epstein was controlling and hiding assets of the trusts; Epstein had taken steps to consolidate power over trust assets in himself; removing Epstein from the advisory committees would not impact any interest Epstein had in the trusts because such interest did not exist, and would not harm Epstein because he was not compensated for his service on the advisory committees; and Epstein’s actions were violating his fiduciary duties. Some examples she gave of Epstein’s behavior included removing Price from bank accounts related to trust assets, using trust assets to pay for “extravagant” personal expenses like private jets, signing documents indicating that he, personally, owned trust assets, conditioning his cooperation in making regular

distributions from the trust to Price on her giving him temporary spousal support in their divorce, not paying the trusts’ bills or depositing their income, and threatening the remainder beneficiaries (i.e., Price and Epstein’s children) that he would cause problems with their interests in the trusts.

{¶ 4} Additionally, Price alleged that the Glenmede Trust Company was the trustee for the trusts and continued to hold trust assets and charge the trust management fees despite Epstein’s business moves that purported to remove Glenmede as the trustee. These business moves included Epstein forming Peak Fiduciary LLC, which has as its sole member another LLC that is owned by the trusts and now controlled by Epstein. Epstein made himself, Price, and Jackson Hole Trust Company comanagers of Peak. Jackson Hole resigned as registered agent of Peak but continued charging administrative fees because it retained some of Peak’s funds and uncashed checks. Since the beginning of their divorce proceedings, Price had learned that her signature was forged on some of the documents relating to the formation of Peak.

{¶ 5} According to Price, for “decades” before she filed for divorce, she received distributions from the trusts at regular, required intervals, and the trusts were funded more than adequately for these distributions. Although Epstein has access to the current details about the trusts’ values and holdings, he refuses to disclose them to Price. Price alleged that Epstein created a “circular ownership structure” of LLCs that gave him “complete control” of the trusts’ assets.

{¶ 6} Despite demands from Price and her counsel, Epstein refused to resign from the advisory committees and his positions with the trust-related LLCs. He initially

agreed to resign, but then went back on his agreement, apparently in an attempt to extract agreements from Price in their divorce proceedings. Epstein had refused to account for trust assets, despite demands by and on behalf of Price. He had also required Price to fill out “‘request and consent’” documents that required his approval in his capacity as trust advisor for Price to receive trust distributions. These documents were not required before 2021.

{¶ 7} Price attempted to remove Epstein from the advisory committees in March 2021 based on “his self-proclaimed inability to handle business affairs relating to the Price Trusts due to his then-existing emotional and mental state, as well as his mismanagement and lack of transparency.” Price also attempted to remove Epstein as manager of the trust-owned LLCs and Peak. Epstein “refuse[d] to acknowledge or abide by his removal” from any of these positions.

{¶ 8} Because of Epstein’s actions, Price sought in count one of the complaint to have the trial court remove him from his role as trust advisor. Specifically, she alleged that a trust advisor had a fiduciary duty under R.C. 5808.08(D), and Epstein’s “acts and omissions regarding these Price Trusts are contrary to his fiduciary duties as a Trust Advisor and his removal is necessary to protect the Price Trusts’ assets and interests of the beneficiaries.”1

{¶ 9} In his answer, Epstein admitted to many of Price’s allegations regarding the structure of the business entities related to the trusts but denied the allegations of

1 Price alleged other claims in her complaint but ultimately moved to voluntarily dismiss them under Civ.R. 41(A), which the trial court granted.

wrongdoing against him. He also admitted that Price attempted to remove him from the advisory committees and his positions with the LLCs, which he did not believe was valid.

{¶ 10} Epstein filed counterclaims against Price in his capacity as trust advisor and manager of the LLCs. In his countersuit, he alleged that he was appointed to the advisory committees and was named manager of the various trust-owned LLCs. In 2018, at the suggestion of their attorney, Epstein and Price began discussing creating a private trust company, which they did in 2019 when they formed Peak. According to Epstein, Price chose Peak’s name. On the advice of counsel, Epstein and Price named themselves and Jackson Hole comanagers of Peak. Jackson Hole resigned as Peak’s registered agent in 2021 “following unreasonable threats and demands of Sandra to take action, which was not authorized under the Trusts.”

{¶ 11} Epstein alleged that each of the trusts provide for removal of an advisory committee member only by “‘consent of the majority of the members’” of the committee. In March 2021, after filing for divorce from Epstein, “in a fraudulent attempt to circumvent the provisions of the trust, and acting unilaterally without consent of the majority of the members of the Trust Advisory Committee,” Price attempted to remove Epstein from the advisory committees, install new advisory committee members, remove Peak as trustee, install Glenmede as trustee, and remove Epstein as manager of the LLCs. Epstein also claimed that Price was using his personal information to access bank accounts and financial records, some related to the trusts and some unrelated to the trusts.

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Price v. Glenmede Trust Co., N.A., (Ohio Ct. App. 2026).

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