Bank JPMorgan Chase must refund $4 billion to $8 billion to the widow and two children of the deceased top Manager’s American Airlines for improper disposal of the hereditary mass, the court ruled for the Dallas cases of inheritance. As reported by Dallas News, the decision will probably be cancelled as a result of the appeal or the amount of payments will be substantially reduced.
We are talking about the legacy of max hopper, who died intestate. His wife Jo Hopper and children in 2010, has hired JPMorgan to distribute the deceased’s estate in the amount of $19 million among the heirs.
The jury held the Bank guilty of fraud, breach of fiduciary duties and the agreement on the fee and determined the amount of the actual damages of $5 million, the U.S. Supreme court has previously held that penalties cannot exceed the actual damage such a significant way. In this regard, the lawyers say that JPMorgan has a good chance at a significant reduction in payments.
The Bank took several years to convey to the heirs of the rights to such assets as the collection of works of art, furniture, jewelry, 6.7 thousand Golf clubs and 900 bottles of wine, reads the statement of the lawyers of the family. In addition, due to the delay JPMorgan expired stock options, and the Bank staff has repeatedly ignored requests from Jo Hopper to sell specific shares.
Lawyers Joe Hopper asked the jury to consider the magnitude and value of the Bank and to oblige him to pay damages in the amount of $2 billion Rmodp is the largest U.S. Bank by assets. Its net profit in the II quarter of 2017 amounted to about $7 billion, market capitalization exceeds $330 billion.