Orphaned Equity Fund Account
by FredJones from LinuxQuestions.org on (#6KZNS)
Around when my son was born, my grandmother bought him some shares in a Legg Mason Equity Fund. I used to get statements from them, which I just filed away for when he would be older. I just found those papers now, but the last one is from 2003. I have no recollection of liquidating this fund and I think I would certainly recall that. The statements are in my son's SSN.
Legg Mason was bought out by Franklin Templeton in 2020 and they told me that this particular fund was sold to Morgan Stanley by Legg Mason in 2005, and they have have no record of my son's SSN. I contacted Morgan Stanley and they have no record either. I contacted a local (Michigan) financial advisor who is an official rep of Morgan Stanley and he said he checked in both Morgan Stanley and Franklin Templeton himself and also in unclaimed property for Michigan and it does not show up.
No one has any record of this account every existing and certainly no record of it being liquidated.
Do I have any legal recourse here?
Yes, I will contact a lawyer, but any other advice/ideas are welcome.
Legg Mason was bought out by Franklin Templeton in 2020 and they told me that this particular fund was sold to Morgan Stanley by Legg Mason in 2005, and they have have no record of my son's SSN. I contacted Morgan Stanley and they have no record either. I contacted a local (Michigan) financial advisor who is an official rep of Morgan Stanley and he said he checked in both Morgan Stanley and Franklin Templeton himself and also in unclaimed property for Michigan and it does not show up.
No one has any record of this account every existing and certainly no record of it being liquidated.
Do I have any legal recourse here?
Yes, I will contact a lawyer, but any other advice/ideas are welcome.