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Jack R.
Jack R., Attorney
Category: Legal
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Experience:  OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
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My mother sent $5000 to T Rowe Price in 1986, to be invested

Resolved Question:

My mother sent $5000 to T Rowe Price in 1986, to be invested in a high yield mutual bond fund account. We have paperwork that verifies that it was. Yet, today there seems to be no record of this investment money at T Rowe Price. Her position is that she never received anything back from T Rowe Price for this investment, and is therefore considering suing for what the value of that initial investment plus accumulated dividends up until now. Assuming the investment documents referenced herein constitute proof that the money was sent to T Rowe Price and invested in their High Yield Fund, does she have to prove that she never received anything back from T Rowe Price, or is the burden of proof on T Rowe Price to show that they did in fact return her investment to her at some point in time?
Submitted: 1 year ago.
Category: Legal
Expert:  Jack R. replied 1 year ago.

Thank you for choosing Just Answer.

 

Your mother has the burden of proof to establish that money was sent to T.Rowe Price for the purpose of opening an account to be invested. You will need to show that $5000.00 actually made it to T.Rowe Price.

 

It then becomes T.Rowe Price's (TRP) burden to show what it did with the money. If TRP sent a check then the canceled check should be produced. If not they should cut a new check.

 

The question that may come up is that why in 27 years did your mother never question not receiving any statement from TRP.

 

If you found this answer useful please press the appropriate quality of service button of 3 or greater. This is needed so I can get credit for my answer. If you have follow up questions please ask.

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

Customer: replied 1 year ago.


My mother is a widowed (somewhat senile) 89-year old. She says she purged all her records prior to 1990 (other than the receipts for sending money to T Rowe Price). I'm not sure why she didn't question the 27-year period. She did move money from a TRP money market fund into a TRP high yield fund in 1993, I believe she thought she was adding to "the" existing ($5000?) account, but the records we have indicate that the money was actually used to initiate a new High Yield account (this is adding to the confusion). Nevertheless, the initial 1986, $5000 investment seems to have dissapeared whch is why we're considering a lawsuit. Thanks for you advice. I think we will pursue this with a law firm.

Expert:  Jack R. replied 1 year ago.

Good Luck. I hope you can get your mother's funds back.

 

If you found this answer useful please press the appropriate quality of service button of 3 or greater. This is needed so I can get credit for my answer. If you have follow up questions please ask.

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

Jack R., Attorney
Category: Legal
Satisfied Customers: 6147
Experience: OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
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