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Child's estate sues financial firms for alleged misappropriation of funds

By Robert Hadley | Sep 25, 2015

The estate of a five-year-old girl is suing an insurance company for alleged financial mismanagement.

The estate of Makayla Calhoun filed suit on Aug. 26 in St. Clair County Circuit Court against Regions Financial Corp., Jason Stepzinski and Prudential Insurance Co. of America, citing breach of fiduciary duty and violation of the Consumer Fraud and Deceptive Business Practices Act.

Calhoun is the beneficiary of an annuity with Prudential that deposits funds to an account in her name at Regions Financial. According to the suit, Regions Financial and Prudential allowed numerous unauthorized withdrawals of these funds in contradiction of a court order restricting access to the money until Calhoun turns 18. The suit states that these withdrawals violate the Consumer Fraud and Deceptive Business Practices Act.

Attorney Eugene C. Menges of the Menges Law Offices in Belleville is representing the plaintiff, who is seeking actual and punitive damages, litigation costs, penalties, and attorney’s fees, totaling more than $50,000.

St. Clair County Circuit Court case number 15-L-484.

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