CHARLESTON — The daughter of a woman who had investment accounts that were improperly taken care of by Wells Fargo is suing it.
Wells Fargo Clearing Services and Joseph Randolph were both named as defendants in the suit.
Jennifer S. Lucas is the daughter of Charlotte M. Lucas and is the administratrix of her estate.
Jennifer Lucas claims Randolph was aware of Charlotte Lucas' intentions related to how her investment accounts with Wells Fargo would be distributed following her death because of his long working experiences with her, according to a complaint filed in Kanawha Circuit Court.
"Based on his long working relationship and numerous discussions with Charlotte M. Lucas, Defendant Joseph Randolph was aware and knew that Charlotte M. Lucas' intention throughout her investment process with Defendants Randolph and Wells Fargo was that he daughter, Jennifer S. Lucas, would be receiving the vast majority of her monies invested in her Wells Fargo accounts," the complaint states.
After Charlotte Lucas' death on Jan. 12, a meeting was held with the family and Randolph, in which Randolph disclosed to Jennifer Lucas that he had made mistakes related to the named beneficiary of Charlotte Lucas' investment accounts, according to the suit.
Jennifer Lucas claims despite her mother's intent, the defendants allowed, aided and abetted improper withdrawals and/or transfers of Charlotte Lucas' account in excess of $750,000.
The defendants had a duty to properly manage her investment accounts and failed to do so, according to the suit.
Jennifer Lucas claims the defendants breached their contract with her mother.
"Failing to review documents related to Charlotte M. Lucas' investment accounts and notifying Charlotte M. Lucas prior to her death of Defendants Wells Fargo and Randolph's mistake in their instructions to Charlotte M. Lucas related to filling out beneficiary designation forms," the complaint states.
Jennifer Lucas is seeking compensatory damages. She is represented by Robert V. Berthold Jr. and Robert V. Berthold III of Berthold Law Firm in Charleston.
The case is assigned to Circuit Judge Tera Salango.
Kanawha Circuit Court case number: 23-C-507
