Class Action Settlement Check Made Out to Old Brokerage

[FriedOkra]

I recently received at my home address a small check (about $15) from a class action settlement for a stock my father had owned in his IRA. I inherited half of this IRA (and the stock in question) when my father died a few years ago. The check is made out to "[Old Brokerage] FPO [Dad's Name IRA] FBO [Old Brokerage] FPO [Dad's Name IRA] FBO."

After my father passed, I learned that the old brokerage had been doing substantial churning and had my father invested in several hundred individual stocks (often one or two shares apiece) as well as several mutual funds with high fees. The annual cost (AUM fee plus investment fees) was close to 3%. Infuriated, I had Vanguard pull all of it. Many of the stocks were OTCs, which meant part of the pull didn't work, and I then had to engage with the AUM advisor, whose staff often took their time about resolving things. There are no longer any assets at the old brokerage.

Several days ago, I wrote the old advisor to ask how I am supposed to handle this check, but they have not responded so far. At this point, am I better off contacting the Claims Administrator, explaining that the Inherited IRA is no longer at that brokerage, and asking that they reissue the check to the Inherited IRA at the new brokerage? Or is the $15 even worth the time it will take to get the check reissued?

[retired@50]

... Or is the $15 even worth the time it will take to get the check reissued?

This ^^^ is the path I'd take. You'll probably spend more time on the telephone than it's worth.

Eventually, the firm will either reconcile their books (and make it disappear) or it will wind up in a state level lost & found under your dad's name.

Regards,

[FriedOkra]

Thank you. I sometimes struggle with the money value of time, not to mention the “cost” of the stress of those calls.
Having a check in hand that I can’t actually deposit only broadens that blind spot.

I am currently reading Your Money or Your Life, which is helping me see this balance more clearly.

[retired@50]

Thank you. I sometimes struggle with the money value of time, not to mention the “cost” of the stress of those calls.
Having a check in hand that I can’t actually deposit only broadens that blind spot.

I am currently reading Your Money or Your Life, which is helping me see this balance more clearly.

You're welcome.
I think about it like I did when I was working...

If I earn $60 bucks an hour, then $15 dollars is what I'd earn in 15 minutes. If it takes longer than 15 minutes to receive the $15 bucks, then it's not worth it.

I used to gladly take my shirts into the dry cleaners for regular washing and ironing. $1 per shirt. I figured I was saving money by delegating this chore to them. I don't know about you but I can't wash & iron 60 shirts per hour.

Regards,