Elizabeth Madden, who was 81 when she filed her lawsuit in January 2026, alleges that Northern Trust failed to protect her family’s roughly $20 million legacy trust from unauthorised transactions by a former employee. Her complaint says Christopher Walters, a former vice president and senior fiduciary relationship adviser at the bank, used money from the account to pay credit-card debts and expenses associated with a fitness gym he operated. Madden is seeking at least $35 million in damages from Northern Trust, accusing the bank of failing to prevent the alleged misconduct. Walters is not a defendant in her lawsuit against the bank, but he faces separate civil proceedings brought by Northern Trust and federal criminal charges. He pleaded not guilty in July 2026 to eight counts of bank fraud and one count of aggravated identity theft. Northern Trust has said it was also a victim of Walters’ alleged conduct and disputes Madden’s claims about its responsibility.
Get breaking news anytime, anywhere. Download the TOI app now!
