Former Bank CEO Wins $8.4 Million Lawsuit Against Son

Former Bank CEO Wins $8.4 Million Lawsuit Against Son

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(Washington-AP) -- Talk about a family feud.

A retired bank executive in Utah has won eight-point-four (M) million dollars in arbitration against his former broker -- who also happens to be his son.

Problem is, J-Brent Packard will receive less than one percent of that amount from the firm that his son worked for.

The rest, if it's to be awarded, would have to come from John B Packard Junior.

Packard's family founded Central Bank in Provo.

The elder Packard had claimed that he lost the majority of his retirement savings after turning it over to his son.

He, in part, blamed the financial company his son worked for -- saying they didn't provide enough oversight of the account.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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