$________ Conversion of corporate funds by decedent – Deprivation of corporate investment funds – Plaintiffs allege that their deceased brother diverted corporate assets to which they were entitled to prior to death.

Essex County, MA

In this matter, the plaintiffs, siblings of the decedent, alleged that the decedent, through the corporate entity, denied the plaintiffs’ ownership rights and funds to which they were entitled. The defendant denied the plaintiffs’ claims disputing that there was any wrongdoing and denying that there was any deprivation of funds.

The plaintiffs are the siblings of the decedent. The plaintiffs alleged that they were denied monies and ownership rights in property due to the actions of their late brother. The plaintiffs contended that they were each 25% beneficial owners in a trust that owned an apartment building from which the decedent diverted funds for his own use. They further contended that they were owners in another corporate entity that owned additional realty and were deprived of funds from that entity since the decedent converted monies from the apartment building for his own personal use. The one plaintiff also contended that he was a 50% owner of yet another apartment complex and was entitled to his portion of the income earned by that investment.

The plaintiffs brought four separate lawsuits alleging these claims which were consolidated for trial purposes. The defendants denied the allegations and disputed that the plaintiff brothers had any ownership interests as they alleged. In one property, the defendants argued that the title was held solely in the name of the decedent; in another property, the defendants argued that no stock certificates were issued in the name of the plaintiff brother. Finally, the defendants denied that the plaintiff brothers were beneficiaries that were entitled to any of the monies earned by the trust holding the final piece of property.

The matter proceeded to trial.At the conclusion of the trial, the jury deliberated and returned its verdict as follows: plaintiff brother Steven T. was awarded 50% interest in the corporation; plaintiff brother Steven T. was also awarded 50% interest in the second apartment building; plaintiffs Steven T. and Paul T. were each awarded $________ for their 25% beneficial interest in the trust that owned an apartment building and the jury awarded the corporation the sum of $________ in damages for monies wrongfully diverted by the decedent.