Former J.P. Morgan Brokers Seek a $4 Million Settlement in a Dispute With Their Grandmother
Two ex-J.P. Morgan Securities brokers claim their grandmother reneged on terms to resolve their high-profile, high-dollar intrafamily dispute and are seeking to enforce a $4 million settlement of the issues they say she wrongfully dragged back to court, according to new filings.
Retail matriarch Beverley B. Schottenstein, 95, earlier this month filed a motion in U.S. District Court in the Southern District of Florida to reopen the case to confirm her $19 million arbitration award, issued in February by three Financial Industry Regulatory Authority panelists against her grandsons and their former employer over alleged unauthorized trading in her account and elder abuse.
Evan A. and Avi E. Schottenstein, who are brothers, previously opposed their grandmother’s petition in court to confirm the award, which had held them jointly liable for $9.8 million of the award total. They sought in March to vacate it before an oral settlement was reached and the case had been administratively closed.
