Illinois readers concerned about mismanagement of estates will want to pay close attention to a recent court ruling. This particular estate planning and administration case involves the heirs of deceased American Airlines executive Max Hopper and JPMorgan Chase. The former filed a lawsuit against the latter, stating the bank had committed gross mismanagement of their father’s $19 million estate.
In 2017, a jury submitted the largest U.S. verdict that year, which was against JPMorgan Chase to the tune of $8 billion. The amount in punitive damages the jury awarded Hopper’s children and his estate was reportedly not legally defensible per federal and state rulings where the case was heard. The children sought $74 million after conceding to those rulings.
A confidential settlement between the Hopper heirs and JPMorgan Chase was recently achieved, the exact amount of which is not being made known to the public. A court in Texas also awarded Hopper’s widow $2 billion; however, her fight against the bank is not yet resolved. She is also seeking $14.4 million in damages.
Estate planning and administration problems like this one can be emotionally upsetting for heirs and beneficiaries who are already grieving. Such incidents are not reserved to those who die as millionaires. Illinois resident can often prevent such problems by asking experienced attorneys to make sure every estate duty is being carried out in accordance with the law. If litigation proves necessary, having legal representation in place ahead of time means immediate action can be taken to get the matter addressed in court.
Source: The Dallas Morning News, “Airline executive’s family reaches confidential settlement with JPMorgan Chase“, Accessed on April 17, 2018