Morgan Stanley Faces Conflicting Claims from Buzz Aldrin and his Son over Trust
Wirehouse Morgan Stanley is in the middle of a contentious dispute between moonwalker Buzz Aldrin, who claims his children have misused his credit cards, and his son, who says his father is suffering from mental impairments, according to news reports.
Buzz Aldrin, 89, has tried to close a trust for which his son Andrew Aldrin is a trustee, according to WNYT.com. The former astronaut, who followed Neil Armstrong in walking on the moon in 1969, also wants the assets in the trust distributed to him, the news channel’s website writes.
But Andrew Aldrin’s lawyer has warned Morgan Stanley’s private wealth management unit not to make the transfers from two accounts in the trust, saying the son would seek damages otherwise, according to WNYT.com.
"Please govern yourself accordingly," the lawyer’s letter reads, according to the website.
Morgan Stanley is seeking the guidance of a Florida court on how to proceed, WNYT.com writes.
"Morgan Stanley cannot pay out or distribute the proceeds of the accounts without incurring conflicting claims to such proceeds by the parties in the instant action, including but not limited to Buzz Aldrin and Andrew Aldrin," the wirehouse says in a court filing cited by the website.
Earlier this year, Andrew Aldrin and Janice Aldrin, Buzz Aldrin’s daughter, filed a petition saying the former astronaut suffers from memory loss, paranoia, confusion and delusions, WNYT.com writes.
Following the petition, Buzz Aldrin filed a suit in June against his two children and a business manager, claiming they misused his credit cards, transferred money out of an account and then slandered him when they allegedly said he had dementia, according to the website. Morgan Stanley has said it wants to protect itself from liability by intervening in the case, WNYT.com writes.