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My friend has a problem. When she was an child, her

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My friend Kelley has...

My friend Kelley has a problem. When she was an child, her grandfather (a stockbroker) bought her stocks in AT&T circa 2003, in care of her mother. Her mother did not tell Kelley about this stock and cashed in the stock and dividend checks starting years ago up to 2 years ago when Kelley was 40 YEARS OLD. Kelley discovered this 2 years ago when she agreed to help her mother clean out an unused bedroom and Kelley found some paperwork relevant to the stocks. Her parents are millionaires in their own right while Kelley supports herself on $710 per month federal disability benefits.She was outraged when she found the paperwork and doesn't know how to compel her mother to repay her the value of the cashed out stocks and dividends. Does she have any legal recourse? Any advice you can give would be appreciated. Thank you, ***** *****.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state this is in?

Atlanta GA

Lawyer's Assistant: Have you contacted the manufacturer?

Who, AT&T?? AT&T bought Lucent Technologies and National Cash Register went under.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That about all I know.

Submitted: 7 months ago.Category: Estate Law
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Answered in 7 hours by:
1/16/2018
Estate Lawyer: Marsha411JD, Attorney replied 7 months ago
Marsha411JD
Marsha411JD, Attorney
Category: Estate Law
Satisfied Customers: 20,987
Experience: Licensed Attorney with 29 yrs. exp. with Estate Law issues
Verified

Hello,

Thank you for the information and your question. Assuming that the stock certificates were in her name only, then your friend might have a cause of action under tort for fraud. However, the statute of limitations is only 2 years. That runs from the date of the discovery of the tort. So, if it has been more than 2 years, she would not be within the SOL and that door will have closed for her. This would mean that she would not have any legal options, only personal options.

If she is within those 2 years, she can sit down with a local trial/litigation attorney (the current term for a personal injury attorney) who handles non-physical injury torts and discuss her case with them to see if they think, based on the local judiciary and juries, she has a case worth pursuing.

Please feel free to ask for clarification if needed. If none is needed, then if you could reply to this answer and let me know that I covered your question, then the Site will give me credit for assisting you today. Thank you.

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