Frost Investment Services, Llc

Allegations: THIS CIVIL ACTION STEMS FROM A DISPUTE AS TO THE OWNERSHIP OF AN ACCOUNT AT FROST BROKERAGE SERVICES, INC. ("FBS") IN THE NAME OF STURDI PACKAGING, INC. ("STURDI") (THE "ACCOUNT"). FBS PLACED A HOLD ON THE ACCOUNT AFTER CONFLICTING CLAIMS OF OWNERSHIP WERE RAISED. THE LAWSUIT WAS ORIGINALLY FILED ON MARCH 16, 2023, BY STURDI AND ITS SUCCESSOR IN INTEREST, SEEKING DECLARATORY RELIEF AS TO THE PROPER OWNER OF THE ACCOUNT. THE COMPLAINT WAS SUBSEQUENTLY AMENDED, ALLEGING THAT FBS WRONGFULLY FROZE THE ACCOUNT, AND THAT FBS AND ITS FINANCIAL ADVISOR URBIN MCKEEVER CONSPIRED WITH OTHER NAMED INDIVIDUAL DEFENDANTS TO HELP THOSE INDIVIDUALS WRONGFULLY TAKE ASSETS FROM THE ACCOUNT AND EXCLUDE CRAIG MCALPINE, THE PURPORTED OWNER OF STURDI, FROM STURDI'S COMPANY ASSETS. ON OCTOBER 19, 2023, CHEMCRAFT (PTY) LTD. ("CHEMCRAFT"), THE OTHER PURPORTED OWNER OF THE ACCOUNT, FILED ITS OWN COMPLAINT, MAKING SIMILAR ALLEGATIONS OF THEFT AGAINST STURDI, CRAIG MCALPINE AND OTHER MEMBERS OF THE MCALPINE FAMILY. CHEMCRAFT'S COMPLAINT ALSO ALLEGES THAT FBS, FROST INVESTMENT SERVICES, INC., FROST BANK, AND URBIN MCKEEVER AIDED AND ABETTED THE ALLEGED THEFT AND FRAUDULENT ACTS OF STURDI/THE MCALPINES. Status: Pending Summary: THIS CIVIL ACTION STEMS FROM A DISPUTE AS TO THE OWNERSHIP OF AN ACCOUNT AT FROST BROKERAGE SERVICES, INC. ("FBS") IN THE NAME OF STURDI PACKAGING, INC. ("STURDI") (THE "ACCOUNT"). FBS PLACED A HOLD ON THE ACCOUNT AFTER CONFLICTING CLAIMS OF OWNERSHIP WERE RAISED. THE LAWSUIT WAS ORIGINALLY FILED ON MARCH 16, 2023, BY STURDI AND ITS SUCCESSOR IN INTEREST, SEEKING DECLARATORY RELIEF AS TO THE PROPER OWNER OF THE ACCOUNT. THE COMPLAINT WAS SUBSEQUENTLY AMENDED, ALLEGING THAT FBS WRONGFULLY FROZE THE ACCOUNT, AND THAT FBS AND ITS FINANCIAL ADVISOR URBIN MCKEEVER CONSPIRED WITH OTHER NAMED INDIVIDUAL DEFENDANTS TO HELP THOSE INDIVIDUALS WRONGFULLY TAKE ASSETS FROM THE ACCOUNT AND EXCLUDE CRAIG MCALPINE, THE PURPORTED OWNER OF STURDI, FROM STURDI'S COMPANY ASSETS. ON OCTOBER 19, 2023, CHEMCRAFT (PTY) LTD. ("CHEMCRAFT"), THE OTHER PURPORTED OWNER OF THE ACCOUNT, FILED ITS OWN COMPLAINT, MAKING SIMILAR ALLEGATIONS OF THEFT AGAINST STURDI, CRAIG MCALPINE AND OTHER MEMBERS OF THE MCALPINE FAMILY. CHEMCRAFT'S COMPLAINT ALSO ALLEGED THAT FBS, FROST INVESTMENT SERVICES, INC. ("FIS"), FROST BANK, AND URBIN MCKEEVER AIDED AND ABETTED THE ALLEGED THEFT AND FRAUDULENT ACTS OF STURDI/THE MCALPINES. FBS AND FROST BANK FILED A MOTION TO COMPEL THE CASE TO FINRA ARBITRATION, WHICH WAS DENIED. FBS AND FROST BANK FILED AN INTERLOCUTORY APPEAL OF THAT DECISION, AND THE CASE IS CURRENTLY STAYED PENDING THE OUTCOME OF THE APPEAL. FIS PLANS TO FILE A RESPONSE TO THE COMPLAINT ALLEGATIONS IF/WHEN THE STAY IS LIFTED AND SUCH A RESPONSIVE PLEADING IS REQUIRED BY FBS BY THE COURT.