Usaa Investment Services Company

Allegations: PLAINTIFF ASSERTS THAT HE WAS THE NAMED BENEFICIARY OF A SEP IRA ACCOUNT AT THE TIME OF HIS MOTHER'S DEATH, BUT THAT DEFENDANTS WRONGFULLY DECLARED HIS FATHER TO BE OWNER OF THE ACCOUNT. Status: Final Summary: PLAINTIFF ASSERTED THAT HE WAS THE NAMED BENEFICIARY OF A SEP IRA ACCOUNT AT THE TIME OF HIS MOTHER'S DEATH, BUT THAT DEFENDANT WRONGFULLY DECLARED HIS FATHER TO BE OWNER OF THE ACCOUNT. THE PARTIES AGREED TO SETTLE THE MATTER. WITHOUT ANY ADMISSION OF FAULT, LIABILITY OR WRONGDOING, THE DEFENDANT AGREED TO PAY THE PLAINTIFF THE SUM OF $30,000. THE PAYMENT WAS MADE ON 11/8/22.

Allegations: PLAINTIFF ASSERTS THAT USAA INVESTMENT MANAGEMENT COMPANY GAVE IMPROPER EFFECT TO AN INVALID POWER OF ATTORNEY AND IS THUS LIABLE FOR BREACH OF FIDUCIARY DUTY AND NEGLIGENCE. Status: On Appeal Summary: PLAINTIFF ASSERTS THAT USAA INVESTMENT MANAGEMENT COMPANY GAVE IMPROPER EFFECT TO AN INVALID POWER OF ATTORNEY AND IS THUS LIABLE FOR BREACH OF FIDUCIARY DUTY AND NEGLIGENCE. ON APPEAL FOLLOWING THE COURT'S GRANT OF SUMMARY JUDGMENT IN FAVOR OF USAA INVESTMENT MANAGEMENT COMPANY AND DENIAL OF PLAINTIFF'S MOTION FOR RECONSIDERATION.

Allegations: DUE TO COMPETING BENEFICIARIES' CLAIMS, USAA INVESTMENT SERVICES COMPANY (ISCO) INTERPLED FUNDS FROM AN ACCOUNT OF DECEASED CUSTOMER WILLIAM HAHN TO THE PROBATE COURT OF DENTON COUNTY, TEXAS. DECEDENT'S SON MICHAEL P. HAHN THEN COUNTER-CLAIMED THAT THE ISCO EITHER DID NOT MAKE A REQUESTED BENEFICIARY CHANGE TO THE OPERATIVE ACCOUNT, OR FAILED TO ADVISE DECEDENT THAT A CHANGE WAS NEEDED BECAUSE THE LISTED TOD BENEFICIARY HAD DIED. Status: Final Summary: THIS ACTION BEGAN WITH ISCO'S FILING OF AN INTERPLEADER ACTION IN DENTON COUNTY, TEXAS PROBATE COURT RELATING TO DISPUTES AMONG SIX HALF AND FULL SIBLINGS OVER ENTITLEMENT TO FUNDS IN A BROKERAGE ACCOUNT. SIBLINGS MICHAEL HAHN AND LINDA BELL EACH FILED COUNTERCLAIMS, ASSERTING THAT ISCO NEGLIGENTLY FAILED TO FOLLOW THEIR FATHER, WILLIAM HAHN'S, INSTRUCTIONS TO CHANGE THE BENEFICIARY DESIGNATIONS ON THE ACCOUNT TO SOLELY MICHAEL AND LINDA, AND AS A RESULT THE ACCOUNT WAS TO BE DIVIDED SIX WAYS RATHER THAN TWO, WITH MICHAEL AND LINDA'S FOUR HALF SIBLINGS ALSO TAKING. ALTHOUGH ISCO DENIES ANY SUCH FAILURE TO FOLLOW INSTRUCTIONS, ISCO DECIDED TO SETTLE THE SUIT AND PAY PLAINTIFF HAHN $37,500, WITHOUT ANY ADMISSION OF FAULT, IN ACKNOWLEDGEMENT OF THE INHERENT RISKS OF LITIGATION.

Allegations: DUE TO COMPETING BENEFICIARIES' CLAIMS, THE FIRM INTERPLED FUNDS FROM AN ACCOUNT OF DECEASED CUSTOMER WILLIAM HAHN TO THE PROBATE COURT OF DENTON COUNTY, TEXAS. DECEDENT'S DAUGHTER LINDA BELL THEN COUNTER-CLAIMED THAT THE FIRM EITHER DID NOT MAKE A REQUESTED BENEFICIARY CHANGE TO THE OPERATIVE ACCOUNT, OR FAILED TO ADVISE DECEDENT THAT A CHANGE WAS NEEDED BECAUSE THE LISTED TOD BENEFICIARY HAD DIED. Status: Final Summary: THIS ACTION BEGAN WITH ISCO'S FILING OF AN INTERPLEADER ACTION IN DENTON COUNTY, TEXAS PROBATE COURT RELATING TO DISPUTES AMONG SIX HALF AND FULL SIBLINGS OVER ENTITLEMENT TO FUNDS IN A BROKERAGE ACCOUNT. SIBLINGS MICHAEL HAHN AND LINDA BELL EACH FILED COUNTERCLAIMS, ASSERTING THAT ISCO NEGLIGENTLY FAILED TO FOLLOW THEIR FATHER, WILLIAM HAHN'S, INSTRUCTIONS TO CHANGE THE BENEFICIARY DESIGNATIONS ON THE ACCOUNT TO SOLELY MICHAEL AND LINDA, AND AS A RESULT THE ACCOUNT WAS TO BE DIVIDED SIX WAYS RATHER THAN TWO, WITH MICHAEL AND LINDA'S FOUR HALF SIBLINGS ALSO TAKING. ALTHOUGH ISCO DENIES ANY SUCH FAILURE TO FOLLOW INSTRUCTIONS, ISCO DECIDED TO SETTLE THE SUIT AND PAY PLAINTIFF BELL $37,500, WITHOUT ANY ADMISSION OF FAULT, IN ACKNOWLEDGEMENT OF THE INHERENT RISKS OF LITIGATION.