Max Hopper was an American Airlines executive who pioneered the company's reservation system. When he died unexpectedly in 2010, he left behind an estate worth over $19 million. Unfortunately, he did not have a will in place, so a bank was put in charge of managing the assets. His surviving family members have since pursued an estate litigation case due to the estate being mismanaged. New Jersey residents who believe that their loved one's estates are not being administered appropriately may do the same.
According to a recent report, the family of Mr. Hopper claims that JPMorgan Bank & Co. took years to distribute assets, allowed stock options to expire and did not meet all of their financial deadlines. The bank is said to have used over $3 million in funds from the estate to fight this case in court.
Ultimately, a jury awarded a historical sum to the children and widow of Mr. Hopper -- $8 billion to be exact. The bank is, of course, appealing the decision. At least two of the heirs have asked the court to reduce the judgment to $74 million. The bank still believes that amount to be excessive, as it maintains no wrongdoing occurred.
Most New Jersey residents are not going to be dealing with estates the size of Max Hopper's. At the end of the day, it does not matter, though. If an estate is being mismanaged, beneficiaries have the right to pursue legal actions against those responsible for any resulting losses. An estate litigation attorney can help those who wish to seek damages by fighting their cases in probate court.
Source: msn.com, "JPMorgan Says Family Awarded $8 Billion Verdict Deserves Nothing," Tom Korosec and Margaret Cronin, Nov. 11, 2017