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Widow Takes L Brands to Court over Stock

Kenneth Breckler lived a remarkable life that wove deeply into the fabric of central Ohio. Kenneth graduated from St. Mary's High School in German Village before attending the Ohio State University, where he was a member of the football team. Kenneth served in the US Army Infantry in Korea and received the Purple Heart after being injured by shrapnel from an artillery explosion. His hard work, talent and character brought him a successful career as a stone mason in the central Ohio area, and he was a life member of the Bricklayers Local 55. The Central Ohio Builders Exchange even named Kenneth Mason of the year twice in 1970 and 1996.

Though by no means a highly trained investor, Kenneth had a nose for a good deal. Among other start-ups like Wendy’s, Kenneth took a chance on a new women’s clothing company and purchased shares of The Limited Stores, Inc. (now “L Brands Inc.”) in 1976. As time went by, Kenneth held onto his shares, no doubt believing that they would serve as a part of a safety net and investment for his family’s future. In 2014, Kenneth passed away, leaving behind his wife, Dorothy, of 62 years. Shortly after Kenneth’s death, his family discovered that the L Brands Inc. shares Kenneth purchased in 1976 had multiplied. This was a blessing for the family because the additional resources could greatly assist Dorothy who, in her advancing years, had moved from the family home to an assisted living facility. However, when the Brecklers tracked down the actual stock certificates for the L Brands Inc. shares, they noticed a discrepancy. Over the years, L Brands Inc. had ignored fifty shares issued to the Brecklers in 1976. As a result of this error, L Brands Inc. did not issue over seven thousand additional shares to which the Brecklers were entitled.

Up to this point, L Brands Inc. has essentially ignored Dorothy’s attempts to determine why it will not honor the shares she has owned since 1976. Nor has L Brands Inc. explained why it did not issue splits or dividends relating to those shares. This is an unfortunate approach on the part of L Brands Inc., as Dorothy only seeks to obtain the shares and dividends to which she is rightfully entitled as an early investor in L Brands Inc. The value of these missing stocks and unpaid dividends has been calculated to be in excess of $1.5 million. Rourke & Blumenthal has now commenced a legal proceeding on Dorothy’s behalf to gain recognition of her heretofore unrecognized shares and to locate and reclaim the additional shares to which she is entitled.