Media and News

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

Beverley Schottenstein

How to Keep Money From Destroying Your Family Relationships

Bloomberg Watch Article
By Suzanne Woolley – Feb 17, 2021

Read the article on Bloomberg.com

bloomberg wealth(Bloomberg) — You don’t have to be as rich as Brooke Astor for money to cause problems in the family.

Whether it’s fights over inheritance or simply disagreements over how money has been invested, the pain and anger tends to be magnified when relatives are involved. Disputes over financial issues can cause untold problems across all social spheres — even in families that don’t think of themselves as wildly dysfunctional. About 15% of siblings say they’ve had conflicts over issues such as inheritance and fairness, a 2017 survey by Ameriprise Financial found. In Astor’s case, her only son was convicted of siphoning millions from her estate while she suffered from Alzheimer’s — in particular, for giving himself a $1 million raise for managing her money. And then there was the teenage Pritzker heiress who sued her father and extended family, accusing them of looting her trust funds. Read more