Recent Cases
Mr. Rodgers has been involved in several recent cases, both in a fiduciary consulting capacity and as an expert witness. Typically, each case would focus on one of the common law principles governing the actions of a trustee, often accompanied by regulatory compliance issues.
- Advised a national trust company defendant trustee on breach of trust, asset allocation and regulatory compliance charges brought by remainder beneficiaries in Federal District Court. Filed an Expert Summary of Findings Report as evidence pursuant to the requirements of the Federal Rules of Evidence Sections 702 and 703.
- Advised a large multi state national bank defendant trustee of IRA accounts on charges of improper investments, and lack of diversification brought by the grantor. Mr. Rodgers was deposed. His prior bank trust department management experience, legal background, and the fact that he holds various National Association of Securities Dealers Securities Licenses were helpful in establishing his credibility during the deposition concerning questions on the appropriateness of the IRA investments, regulatory compliance and management supervision of the portfolio manager assigned to the account.
- Advised a major diversified financial institution plaintiff trustee of IRA accounts on the appropriateness of insurance contracts as client investment vehicles in the IRA accounts.
- Advised class action plaintiffs against a large national trust company acting as a directed trustee for IRA accounts on questions of inappropriate and unregistered investments, lack of due diligence, regulatory compliance and management supervision.
- Advised plaintiff current income beneficiary versus large state bank trustee defendant. Plaintiff claimed trustee failed to exercise care in the administration of a living trust resulting in financial loss. Also focused on regulatory compliance issues.
- Advised plaintiff remainder beneficiaries versus large state bank trustee defendant. Plaintiff claimed trustee failed to diversify the trust's investment portfolio, investing only in high yield municipal bonds favoring the current income beneficiary of a split interest QTIP trust and failing to provide any growth for the remainder beneficiaries. Mr. Rodgers was deposed.
- Advised current income and remainder beneficiaries versus a large national bank trustee defendant. Plaintiff claimed trustee failed to adequately maintain a commercial office building and parking garage owned by the trustee resulting in a loss of value and subsequent revenue.
- Advised a large national bank defendant trustee of a split interest trust versus remainder beneficiaries as plaintiffs. Plaintiffs alleged that the bank trustee's asset allocation overly favored equities resulting in a short-term loss. The administration jurisdiction had adopted the Uniform Prudent Investor Act allowing the trustee to apply the Prudent Investor Rule. Mr. Rodgers was deposed and filed an Expert Witness Report.
- Advised minor beneficiary of a Uniform Gift To Minors Act account. Custodian had misappropriated account funds for his own use.
Mr. Rodgers' practice has focused on the application of a wide range of common law trust principals, state and federal statutes and regulatory compliance issues.