Michigan  |  Investment Law

Legal Question

Asked on: 3/15/11, 5:43 pm

My mother's investment manager had all her money in stocks even though she was retired. I believe it was negligent for him to have her money in such risky holdings since all advice I've ever read was that as one gets near retirement their money should be in less volitile funds. Needless to say, she lost pretty much all her money. Is it possible to sue an investment advisor for negligence? What is generally considered the litmus test for such negligence? Also, is there a time limit on a person taking such action, any statute of limitation?

Thank you,

Mark

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