by Lynnley Browning
Read the article on FinancialPlanning.com
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