A fierce legal dispute has unfolded between Jane Buffett, the widow of late singer-songwriter Jimmy Buffett, and Richard Mozenter, a long-time friend and financial advisor. The conflict centers on the management and control of the multi-million-dollar trust established by Buffett before his death. Both parties accuse each other of mismanagement and seek to remove the other as co-trustee.
Jane Buffett claims Mozenter’s handling of the trust has been inadequate, leaving her uninformed about financial matters and disrespected in communication. Conversely, Mozenter alleges that Jane Buffett prioritizes her own interests over those of the trust and refuses cooperation on critical tasks. This ongoing battle highlights the complexities surrounding the legacy left behind by the iconic musician.
The Accusations Against Richard Mozenter
Jane Buffett accuses Richard Mozenter of failing in his responsibilities as co-trustee. According to her lawsuit, he has not provided adequate updates or detailed financial information, leaving her uninformed about her finances. Additionally, she claims that his interactions with her have been unprofessional and combative, further complicating their working relationship.
Mozenter is criticized for charging enormous fees for his services, amounting to $1.7 million last year, despite providing insufficient information and poor communication. Jane Buffett states that after her husband's passing, she faced difficulties obtaining detailed financial reports from Mozenter. When she requested these reports in April 2024, Mozenter allegedly supplied what seemed like basic bank statements rather than comprehensive financial analyses. Such actions did not meet her expectations for professional accountability. Furthermore, Mozenter's income projections fell significantly below Jane Buffett's anticipated returns, excluding crucial income from Margaritaville holdings. His reluctance to update these figures led to hiring additional attorneys and accusing Jane Buffett of misrepresenting his work.
Jane Buffett's Role and Challenges
Richard Mozenter accuses Jane Buffett of acting solely in her self-interest rather than fulfilling her duties as co-trustee. He argues that since Jimmy Buffett's death, she has failed to cooperate on essential matters such as financial analysis, tax returns, and managing business interests. Mozenter also claims that her interference in severance agreements unnecessarily increased costs for the trust.
Mozenter points out that Jane Buffett refused collaboration on numerous tasks, compelling him to take drastic measures, including firing employees, selling assets like airplanes and properties, and overseeing various business operations alone. Despite being named co-trustee alongside Mozenter, Jane Buffett reportedly acted more as a beneficiary rather than actively participating in trust administration. Mozenter highlights instances where her decisions negatively impacted the trust, such as interfering with negotiations involving former employees, which resulted in higher expenses. Moreover, he mentions Jane Buffett's attempt to remove one of their daughters from the remainder beneficiaries list against Jimmy Buffett's wishes, adding another layer of complexity to this already contentious situation.