April 29, 2022

Statement from the Otto Bremer Trust

We are pleased that the Court ruled in our favor on the central issue in this case: the right of the Trustees to sell Bremer Financial Corporation if it is in the best interests of the Trust. The Court found that the sale of the stock was “a good faith effort to protect and enhance the Trust,” “not an abuse of their discretion or a breach of trust” and that the sale did not “violate the settlor’s intent.” And the Court ruled favorably for OBT on all other issues except removal of Mr. Lipschultz, for which we are extremely disappointed and considering our options.