Texas Commerce Bank, N.A. v. Grizzle Ex Rel. Grizzle

In this putative class action, The Frost National Bank (“Frost”), Texas Commerce Bank, N.A. (“TCB”), and their respective parent corporations, defendants in the trial court, challenge that part of the court of appeals’ judgment reversing the trial court’s summary judgment rendered in their favor. The court of appeals held that a trust instrument’s exculpatory clause cannot, as a matter of public policy, exonerate Frost and TCB, as trustees of various trusts invested in each bank’s respective stock, from Grizzle’s claim that the banks engaged in self-dealing by merging and liquidating trust…