U.S. Money Reserve, a Texas-based precious metals dealer, has been sued by family members of a deceased elderly woman, Florence Kaplan, over allegations of fraudulent sales practices. Kaplan, who died at the age of 94, was reportedly persuaded to purchase overpriced commemorative coins from the company in the final months of her life, leading to a legal dispute. The lawsuit was filed by her daughter, Arlene M. Kagan, after she discovered that the coins purchased by her mother were only worth about a quarter of the prices charged by the company.
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Summary of lawsuit against U.S. Money Reserve
|Plaintiff||Arlene M. Kagan, daughter of deceased Florence Kaplan|
|Defendant||U.S. Money Reserve, Inc.|
|Allegations||Fraudulent sales practices, overpricing of commemorative coins|
|Filed at||U.S. District Court for the Western District of Texas, Austin Division|
|Date Filed||July 18, 2018|
Details of the lawsuit against U.S. Money Reserve
According to the filed complaint, Florence Kaplan was allegedly induced to buy overpriced coins from U.S. Money Reserve. The company’s salespeople and marketing materials were cited as having made false, exaggerated representations about the value of the coins. The lawsuit further alleges that Kaplan was frequently contacted by the company, sometimes as often as 4 or 5 times a day.
In an 8-month period, Kaplan purchased 59 coins or coin sets, paying significantly more than their actual worth. Upon her death, her daughter discovered the discrepancy between the prices charged by U.S. Money Reserve and the actual value of the coins, prompting the lawsuit.
Previous Legal Issues
This is not the first time U.S. Money Reserve has faced legal trouble. In 2010, the company was cited for deceptive trade practices by the Texas Attorney General. The company was found to have priced its proof and commemorative coins higher than the retail market value. A higher percentage of complaints came from older consumers, similar to the present case.
The Plaintiff’s Representation
Arlene M. Kagan is represented by the Dallas-based law firm Steckler Gresham Cochran. The firm has extensive experience in various fields of law, representing both plaintiffs and defendants. They have expressed concern over the predatory practices allegedly employed by U.S. Money Reserve towards elderly customers.
U.S. Money Reserve’s Background
Established in 2001, U.S. Money Reserve is a well-known dealer in precious metals, providing customers with gold and silver products for investment. Despite their reputation in the industry, the company’s history of legal disputes raises questions about their business practices.
The Impact of the Case
This lawsuit against U.S. Money Reserve may have significant implications for the precious metals market, particularly in regards to the protection of elderly consumers. It underscores the need for transparency and fair pricing in the industry.
The lawsuit against U.S. Money Reserve is a stark reminder of the potential pitfalls in the precious metals market. Consumers, especially the elderly, need to be cautious when dealing with dealers and ensure they are paying fair market prices. The outcome of this case could potentially influence future regulations and practices within the industry.
- What is the lawsuit against U.S. Money Reserve about?
The lawsuit alleges fraudulent sales practices, specifically overpricing of commemorative coins sold to an elderly woman in the months before her death.
- Who filed the lawsuit against U.S. Money Reserve?
The lawsuit was filed by Arlene M. Kagan, the daughter of the deceased Florence Kaplan.
- Where was the lawsuit filed?
The lawsuit was filed in the U.S. District Court for the Western District of Texas, Austin Division.
- Has U.S. Money Reserve faced legal issues before?
Yes, in 2010, U.S. Money Reserve was cited for deceptive trade practices by the Texas Attorney General.
- What could be the potential impact of this lawsuit?
The lawsuit may lead to increased scrutiny of the precious metals market and potentially influence future regulations and practices within the industry.
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