Settlement resolves family’s investment claims

A St. Louis family who alleged they suffered years of bad investment advice reached a $760,000 settlement, according to their attorney.

David B. Cosgrove of the Cosgrove Law Group in Clayton said the plaintiffs included two generations of the family, as well as the estate and trust of the deceased patriarch. They alleged that the defendants — a registered representative and investment adviser as well as his national broker-dealer and insurance company — sold them dozens of variable investment products and breached their fiduciary duties over the course of two decades.

Cosgrove said his clients filed four separate arbitrations under the Financial Industry Regulatory Authority, as well as a state court action that was removed to federal court.

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$760,000 settlement

Investments

Venue: U.S. District Court for the Eastern District of Missouri

Case Number/Date: Confidential/Feb. 5, 2024

Plaintiffs’ Experts: John J. Duval, Duval Associates, Manchester, Maine (finance)

Caption: Confidential

Plaintiffs’ Attorneys: David B. Cosgrove and Charles M. Simpson, Cosgrove Law Group, Clayton

Defendants’ Attorneys: Confidential