UPDATED: Judge Sterns Rules Chace v. Chace Moves to Trial -- Battle of Billionaire and Millionaire

UPDATED: Judge Sterns Rules Chace v. Chace Moves to Trial -- Battle of Billionaire and Millionaire

In what is expected to be one of the biggest legal brawls in Rhode Island history, Chace v. Chace is now headed for trial.

Attorneys for Arnold “Buff” Chace had filed a motion for summary judgment in November of 2023, but on Wednesday, Superior Court Judge Brian Stern rejected nearly all aspects of the motion, clearing the way for the lawsuit between one group of members of the Chace family with another.

At the center of the dispute is the lawsuit brought by Malcolm Chace that alleges misuse of tens of millions of dollars in trust monies by Buff Chace, his cousin.

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Malcolm Chace is the son of the late billionaire Kim Chace -- a man who made in excess of a billion dollars through ownership of Berkshire Hathaway stock. The lawsuit was first filed in early 2022.

Today, Malcolm Chace heads the investment firm Canton Hathaway in Providence. His business partners include Jim Procaccianti, President and CEO of Procaccianti Companies — “a firm that claims more than $10 Billion of diversified real estate investments in more than 130 cities across 31 states coast to coast.”

The litigation between the Chace family members may emerge as one of the most extensive trials in Rhode Island's history and rival some of the most notable cases in the state's history. One major difference between this battle and some of the other notable cases is this is a civil case, and the most notable cases in the state's history have been criminal cases -- murders, political corruption, and more.

Buff Chace is the downtown developer who has rehabbed and built many of the apartment buildings and retail on the Westminster Street area in downtown Providence.

Stern’s 33-page decision was a significant legal win for Malcolm Chace’s attorneys and set the stage for a multi-week trial that could begin as early as mid-March.

"Buff Chace and his co-trustee filed a motion for summary judgment in an effort to short-circuit the trial and prevent any scrutiny into their glaring conflicts of interest and self-dealing. Today’s ruling by Judge Stern soundly rejects this effort on nearly every point, and reaffirms that these matters will be fully considered and decided at a public trial," said Robert Clarke Corrente, an attorney for Malcolm Chace.

"We are ramping up our trial preparations, and we look forward to getting the trial scheduled at the court’s earliest convenience," added Corrente.

Buff Chace refused to provide comment.

 

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