NEW ORLEANS - Two women have filed a lawsuit a gold dealer for selling gold at prices that were allegedly extremely inflated in comparison to market value.
Leah E. Bierer, Rachel A. Baxter and the Succession of Gregory Gene Baxter filed a complaint on July 7 in the U.S. District Court for the Eastern District of Louisiana against Happy State Bank d.b.a Goldstar Trust Company and Universal Coin and Bullion, for conversion, breach of contract, negligent misrepresentation and intentional misrepresentation.
According to the complaint, between December 2016 and February 2018, Gregory Gene Baxter purchased gold assets at prices totaling more than $208,000. Baxter passed away on November 26, 2019.
Bierer and Rachel Baxter allege that the total amount in the account held by Baxter for the gold he purchased for investment was less than $96,000. Both women allege that Goldstar Trust Company sold the gold at inflated prices in excess of the market rate for such gold assets at the time of purchase, which is breach of contract and fraud.
Bierer and Baxter seek actual damages, punitive damages, costs and attorneys’ fees. Bierer and Baxter are represented by Corey E. Dunbar of Pivach, Pivach, Hufft, Thriffiley and Dunbar LLC.
U.S. District Court for the Eastern District of Louisiana case number 2:21-cv-01309-MLCF-DMD