Moody v. Moody: Brother sues brother over company dealings

GALVESTON -- Two Moody brothers, members of a renowned island founding family, are at odds in a recently filed lawsuit asserting that bad business practices in Brazil led to a $6 billion regulatory penalty against an Austin insurance company.

An attorney for one brother says the lawsuit is about corporate misconduct in its business practices in South America that harms the company’s standing. But representatives for the other brother say the suit was motivated by personal grievances and vendettas.

Robert L. Moody Jr. on Sept. 28 filed a lawsuit in the 122nd District Court against his brother Ross Rankin Moody, chairman of Austin-based National Western Life Insurance Co. and six other National Western Life board members, asserting corporate misconduct and breach of fiduciary responsibilities.

The brothers are members of the Moody family, among Galveston’s oldest and most prominent, tracing its roots on the island to 1866, and responsible for founding American National Insurance Co., Moody National Bank and the Moody Foundation, to name a few. Those Galveston operations are not involved in the lawsuit.

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