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May 6, 2008
Morgan Stanley Is Being Sued Over James Brown's Estate
How can you not like this story?
Brown’s estate has been at the centre of legal controversy. The 16-month scrap over his money has included allegations of embezzlement by some of his managers, wives, partners and offspring, as well as a fight over the veracity of the will.
It was drawn up by a lawyer who is serving 30 years in jail for murdering a strip-club dancer.
Two court-appointed trustees of Brown’s estate filed a lawsuit this week against Morgan Stanley at a court in South Carolina, the singer’s home state.
In court papers, the trustees allege that Joseph Lizzio, a Morgan Stanley banker who continues to work for the Wall Street group, breached his fiduciary duty to his client by failing to check with Brown whether an employee was allowed to withdraw funds from his account.
Posted by edelfenbein at May 6, 2008 10:19 AM
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