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
© 2025 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
- 1Rejuvenation of a Sharp Employer Non-Compete Tool: Delaware Supreme Court Reinvigorates the Employee Choice Doctrine
- 2Mastering Litigation in New York’s Commercial Division Part V, Leave It to the Experts: Expert Discovery in the New York Commercial Division
- 3GOP-Led SEC Tightens Control Over Enforcement Investigations, Lawyers Say
- 4Transgender Care Fight Targets More Adults as Georgia, Other States Weigh Laws
- 5Roundup Special Master's Report Recommends Lead Counsel Get $0 in Common Benefit Fees
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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