Media and News

Beverley Schottenstein

Schottenstein Settlement Talks Fizzle; Grandmother Reopens Case Against Ex-J.P. Morgan Brokers

advisor hub

By Jake Martin – June 9, 2021

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Nanny Schottenstein

Beverley B. Schottenstein, 94, of Bal Harbour, Florida, who in February won a Finra arbitration award for $19 million against her grandsons, Evan A. and Avi E. Schottenstein, and their former employer, J.P. Morgan Securities.

Negotiations have broken down to settle a multimillion dollar, intrafamily dispute between retail matriarch Beverley B. Schottenstein and her grandsons, former J.P. Morgan Securities brokers accused of unauthorized trading in her account and elder abuse, according to a court filing.

Attorneys for the nonagenarian petitioner on Tuesday filed a motion in U.S. District Court in the Southern District of Florida seeking to reopen the case to confirm her high-profile $19 million arbitration award, rendered in February by a panel of Financial Industry Regulatory Authority arbitrators against her grandsons, Evan A. and Avi E. Schottenstein, and their former employer.

A written agreement of settlement has failed to materialize despite an oral agreement the Schottensteins had reached in March, according to the filing. Read more

Beverley Schottenstein

Florida woman, 94, wins $19 million fraud ruling against JP Morgan, grandsons

Tampa Bay Times

Feb. 9, 2021, by Jay Cridlin

Read the full article on tampabay.com

breaking newsBeverly Schottenstein, part of an Ohio retail dynasty, had alleged her grandsons had improperly managed her money.

A financial arbitration group has awarded nearly $19 million to a 94-year-old Bal Harbour woman who claimed her two grandsons, then brokers at JP Morgan Securities, mishandled her money by forging her signature and making unauthorized purchases.

Beverly Schottenstein, whose family fortune came from a string of retail chains, including DSW, American Eagle Outfitters and American Signature Furniture, filed the complaint through the Financial Industry Regulatory Agency, or FINRA, a non-governmental organization that enforces rules and settles disputes involving stock broker-dealers. Read more

Beverley Schottenstein

Wealthy Florida grandma reignites multimillion-dollar battle against two former JPM brokers — her grandsons

financial planning

By Lynnley Browning – June 9, 2021

Read the article on financialplanning.com

Beverley Schottenstein

Beverley Schottenstein at home in Bal Harbour, Florida. -Bloomberg News

So much for trying to make amends with family.

A multimillion-dollar battle has flared up again between a wealthy Florida grandmother and her two grandsons whom she accused of mishandling her money while working at J.P. Morgan Securities, a new court filing shows.

Beverley Schottenstein, 94, the heir to a retail empire that grew to include stakes in shoe retailer DSW and clothing chain American Eagle Outfitters, moved June 8 to reopen her high-profile lawsuit against her grandsons in a Miami federal court, records show.

Her filing is the first since March 18, when she put on hold her civil lawsuit against brothers Evan and Avi Schottenstein, her grandsons, following an arrangement by the parties to resolve things outside of a courtroom. That truce broke down, and the gloves are now off, according to her latest filing in Florida’s Southern District. Read more