The people of Bikini Atoll—the Pacific island that became a nuclear proving ground in the 1940s—have filed a Court of Chancery suit against a trust fund administrator, alleging Arden Trust Company is responsible for depleting two trust funds set up by the U.S. government.
The complaint alleges that between 2018, when Arden took over management of the trusts, and 2023, when management was transferred to successor Comerica, the two trusts’ market value dwindled from $60 million and $59.1 million to $89,002 and $28.7 million, respectively, despite strict regulations on how much money could be disbursed and how frequently.