As the first baby boomers are now reaching retirement age, we are seeing an increase in the numbers of powers of attorney given to a relative or close family friend. Under the law of most states, the person who holds that power of attorney has a fiduciary duty to the person who granted the power. […]
Resurgence of the Faithless Servant Doctrine
by Brian Mahany Morgan Stanley has not enjoyed much good ink these days. Like the other big Wall Street banks, Morgan Stanley has been battered in the press and by regulators. Last year the bank paid $32 million to the SEC to settle insider trading charges perpetrated by one of its traders, Joseph “Skip” Skowron. […]
JPMorgan Ordered To Pay $18+ Million For Mismanaging Trust
by Brian Mahany Wm. Skelly, founder of Skelly Oil, created a trust back in 1955 to benefit his daughter and grandchild. Skelly died long ago but the trust continued and was left to JPMorgan Chase to manage. Instead of making money for the trust’s intended beneficiaries, an Oklahoma judge says the bank lined its own […]