Family of NC textile tycoon hits Atrium Health with lawsuit
A deeply rooted North Carolina textile family has filed a lawsuit to prevent Atrium Health from inheriting millions of dollars.
Descendants of textile legend Charles A. Cannon filed the suit against The Charlotte-Mecklenburg Hospital Authority (Atrium Health’s business entity) in North Carolina Business Court on Feb. 7. The suit was filed to stop the Charlotte-based health-care system from receiving funds from a trust created in 1965.
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The trust was set up by Cannon’s wife, Ruth Coltrane Cannon, for grandson Charles A. Cannon III and stated that upon his death, Cabarrus Memorial Hospital should inherit the remaining funds. Cannon III died in October.
Cabarrus Memorial merged with Carolinas HealthCare System in 2007 and was renamed Atrium Health Cabarrus in 2019.
Read the full story on CBJ’s website here.
