More Litigation Hits James Brown's Estate
James Brown’s estate has been subject to litigation by his grandchildren, his children, people who say they were his children but whose paternity has not been established, three former wives, and a companion who claims she was his fourth wife. Allan Socken discussed this litigation in his blog on January 8, 2008.
Now, according to an article in the New York Times, his court appointed estate trustees have filed a lawsuit against his long-time business managers, alleging that they stole millions of dollars from Brown. In the suit, the trustees also accuse a law firm and bank of conspiracy to defraud, negligence, and breach of fiduciary duty.
The suit alleges that, since 1999, one of Brown’s advisors siphoned $10 million from an investment account that the advisor was controlling. It also accuses the advisor of forging Brown’s signature in order to obtain a 40% interest in a James Brown dancing doll.
In the suit, the trustees also allege that the bank that is named was negligent for failing to prevent the advisors from mismanaging funds through accounts that it held and accuse the law firm of working in tandem with the business advisors to take excessive fees and commissions.
It’s unclear what impact this litigation will have on the claims being brought by various family members, although it has the potential of increasing the amount of money that is in the estate to fight over.
Of course, given the amount of litigation underway, it might all go to the lawyers.
Thanks for reading,
Megan F. Connolly
