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MATTER OF TRUSTS BY HORMEL

No. C4-95-1298.

543 N.W.2d 668 (1996)

In the Matter of the TRUSTS: created by George A. HORMEL and Designated As Trust Nos. 4, 5 and 6, and of the Trusts created by Jay C. Hormel and Designated as Trusts Nos. 101, 102, 103, 201, 202, 203, 301, 302, and 303.

Court of Appeals of Minnesota.

February 6, 1996.

Attorney(s) appearing for the Case

Harold D. Field, Jr., Jane F. Godfrey, Leonard, Street and Deinard, Minneapolis, Jack Kaufmann, Dewey Ballantine, New York, N.Y., for Appellants George A. Hormel, II, Thomas D. Hormel, James C. Hormel, Jamie Renee Hormel, and Rampa Robinson Hormel.

Peter S. Hendrixson, Carol A. Peterson, Dorsey & Whitney P.L.L.P., Minneapolis, Gary E. Leonard, Alderson, Ondov, Leonard & Sween, P.A., Austin, for Respondent The Hormel Foundation.

Considered and decided by LANSING, P.J., and PARKER and RANDALL, JJ.

OPINION

LANSING, Judge.

The income beneficiaries of twelve trusts assert that the trustee violated its fiduciary duties by failing to diversify the trusts' assets. The district court dismissed the petition and the income beneficiaries appeal. We affirm the dismissal because identical claims were raised and conclusively determined in a previous proceeding for court approval of the trustee's accounting and administration of the trusts.

FACTS

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