JP Morgan Hit for $4 Billion Over Mishandled Estate
A Texas jury has hit JP Morgan Chase for more than $4 billion in damages for mishandling the estate of a former information technology executive who pioneered American Airlines' SABRE reservation system.
September 27, 2017 at 01:25 PM
3 minute read
The original version of this story was published on Law.com
A Texas jury has hit JP Morgan Chase for more than $4 billion in damages for mishandling the estate of a former information technology executive who pioneered American Airlines' SABRE reservation system.
A Dallas County Probate Court jury sided with widow Jo Hopper and her two stepchildren Tuesday after a four-week trial. The jurors found the bank breached its fiduciary duties and contract by failing to properly handle the $19 million estate of Max Hopper, according to a verdict sheet and press release from Loewinsohn Flegle Deary Simon LLP, which represented Jo Hopper.
Max Hopper died from a stroke without a signed will in January 2010, according to the law firm. Under state law, the couple's assets acquired during their 28-year marriage were divided between Jo Hopper and his two children from a previous marriage, Stephen Hopper and Laura Wassmer.
The assets were undivided, according to the law firm, and an administrator had to collect them, pay outstanding debts and release the remaining assets to the beneficiaries. JP Morgan Chase was picked after pitching the family on its expertise in estate administration.
It took the bank years to release basic interests in art, home furnishings, jewelry, and Max Hopper's 6,700 golf putters and 900 bottles of wine, according to Loewinsohn Flegle Deary Simon. Some interests remain unreleased today.
The family members suffered direct financial harm as a result of the bank's actions, according to Loewinsohn Flegle Deary Simon. Bank representatives failed to meet financial deadlines for assets under their control, with stock options expiring in one instance. In another instance, the bank ignored Jo Hopper's desire to sell certain stocks.
Max Hopper's children lost more than $3 million from their potential inheritance after the bank used an estate account to pay attorneys fees to defend JP Morgan against charges it violated its fiduciary duty, according to Loewinsohn Flegle Deary Simon.
In addition to $4 billion in punitive damages, the jury awarded $4.7 million in actual damages and $5 million in attorney fees.
“Mrs. Hopper asked the jury to send a message loud enough for JP Morgan to hear it all the way to Park Avenue in Manhattan,” said Alan Loewinsohn, lead attorney for Jo Hopper. “Hopefully, that message has been received.”
Loewinsohn was joined by Kerry Schonwald, also of Loewinsohn Flegle Deary Simon. Stephen Hopper and Wassmer were represented by Anthony Vitullo of Fee, Smith, Sharp & Vitullo and James Bill of James S. Bill PC. JP Morgan Chase was represented by John C. Eichman of Hunton & Williams.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllTrending Stories
- 1Tuesday Newspaper
- 2Judicial Ethics Opinion 24-85
- 3Decision of the Day: Administrative Court Finds Prevailing Wage Law Applies to Workers Who Cleaned NYC Subways During Pandemic
- 4Trailblazing Broward Judge Retires; Legacy Includes Bush v. Gore
- 5Federal Judge Named in Lawsuit Over Underage Drinking Party at His California Home
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250