Lawrence writes, “In the mid-1990s, it fell to Mr. Hammer to manage a public rebellion by some of the younger Bancrofts against the structure of the family trusts. ‘Disgruntled heiress leads revolt at Dow Jones,’ was a February 1997 Fortune magazine headline.
“The younger generation voiced concern that the older generation benefited from rising Dow Jones dividends while younger family members had to cope with languishing stock prices reducing their inheritance.
“Those at Hemenway & Barnes endured claims from a Bancroft heir that as trustees, they favored the older Bancrofts in order to increase the firm’s income. Mr. Hammer found himself in the glare of an unfamiliar spotlight as he and his partners insisted that the firm’s compensation arrangement did not affect the advice they offered.
“The Bancroft family squabble eventually cooled. In 2002, Jane Bancroft Cook — who was the largest family shareholder at Dow Jones, and who became a member of the board in 1949 — died at age 90.”
Read more here.
Dayna Fields has been hired by Octus, formerly known as Reorg, as a senior private credit…
Bloomberg News has hired Elizabeth Rembert to cover municipal finance. She will start Dec. 16 and be…
Michael Tsang, managing editor of the markets editing hub at Bloomberg News, sent out the…
Avi Asher-Schapiro, a tech correspondent for the Thomson Reuters Foundation in Los Angeles, has been…
MLex has hired Maria Dinzeo as a senior data privacy and security reporter. She will start next…
ProPublica has hired Reuters cybersecurity reporter Christopher Bing as a reporter in its Washington bureau. He…