Judge orders dismissal of case over loss of investment funds

David Yates Mar. 1, 2011, 5:21am

A local judge has ordered a case brought by a Port Arthur man, who sued several investment companies and a broker over lost investments, be dismissed with prejudice.

As previously reported in April 2009, plaintiff Lee G. Chandler opened an investment account with defendants A.G. Edwards & Sons, Wachovia and Wells Fargo, on April 26, 2007. His principal investment was $800,000.

When he invested his money, Chandler claims he wanted it to be entered into conservative, safe investments so he could earn interest.

Although he was hoping to use the invested funds to earn more money without risking his principal, he ended up loosing nearly everything, the suit states.

In his suit, Chandler says the defendants and their broker, Susan Ramsdell, were "sophisticated" investors, while Chandler had very limited investment experience and was dependent on Ramsdell to make investment decisions for him.

On Dec. 14 Judge Bob Wortham, 58th District Court, ordered all claims be dismissed with prejudice, court records show.

Chandler had filed a motion to dismiss all claims on Dec. 10, stating that he no longer wished to pursue his claims against the defendants.

Chandler was seeking all sums lost in the account, all lost opportunities, recession of any transactions, plus unspecified statutory and punitive damages, pre-judgment interest at the highest rate allowed by law, costs and other relief.

He was represented by Gibert T. Adams of the Law Offices of Gilbert T. Adams in Beaumont.

The defendants were represented in part by Beaumont attorney James Old Jr. of Germer Gertz.

Case No. A183-773

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