Florida grandma heats up $10 million fight against former JPM brokers – her grandsons

by Lynnley Browning
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Beverley and Cathy Schottenstein

Beverley Schottenstein, right, and her granddaughter Cathy Schottenstein Pattap in Bal Harbour, Florida, on Dec. 30, 2020. Bloomberg News

A wealthy Florida grandmother has intensified her legal battle to force two former brokers at J.P. Morgan Securities — her grandsons — to pay her at least $10 million as ordered by regulators for unauthorized trading in her accounts.

The grandsons, who are brothers, handled Beverley Schottenstein’s roughly $80 million account when they worked as brokers at the Wall Street bank. In recent months, they’ve been trying to force their 95-year-old grandmother into court-ordered talks to slash the amount of money that an industry arbitration panel ordered them last year to pay her.

But in a Feb. 24 ruling, a Florida judge said no dice to the grandsons’ effort, ordering that Schottenstein’s lawsuit against them proceed without court-driven mediation. Read more