HELP! Bought Book & Seller is Stealing Clients!!!!!!

[El Capitan]

Does your attorney know that you discussed this story on the insurance forum?

Being that you already shared this here then you might carry the "silent-big-stick" no more!


What a mess - good luck I hope it all works out for you in the end!

 

[Guest]

you havent mentioned or said how you know its her stealing the policies,

When you buy a BOB, you have to expect a certain percentage of clients to leave, because they were around for the agent, and loyal to the agent,

Just curious, if you have only lost 20 policies, how do you know its all her?

 

[Norwayguy]

The problem with waiting and I have no dog in this fight is it gives her more time to contact clients and move them away from you....Yes I know your attorney says its best this way but those clients will be lost forever. Your going to have the attorney take this on a contingency basis which is why they need the damages to be large enough for thier 1/3 to make them money...You spent 350K for this book and your not willing to fight to keep it.

I agree the Cease and Desist is weak and has almost no power but it puts her on notice and might actually get her to stop. I wish you the best of luck on this.

 

[xrac]

The problem with waiting and I have no dog in this fight is it gives her more time to contact clients and move them away from you....Yes I know your attorney says its best this way but those clients will be lost forever. Your going to have the attorney take this on a contingency basis which is why they need the damages to be large enough for thier 1/3 to make them money...You spent 350K for this book and your not willing to fight to keep it.

I agree the Cease and Desist is weak and has almost no power but it puts her on notice and might actually get her to stop. I wish you the best of luck on this.

What Norwayguy says is true. However, the flip side is very few lawyers would take this type of case on a contingency basis. The questions is what is the best way to minimumize your losses and how much do you trust your lawyer?

 

[briko3]

What Norwayguy says is true. However, the flip side is very few lawyers would take this type of case on a contingency basis. The questions is what is the best way to minimumize your losses and how much do you trust your lawyer?

Like the OP said earlier....if he can get enough money back from the lawsuit, it might be worth the extra few months of losses. If they're that easily moved, they're not going to supply referrals anyway.

 

[thetruth]

Waiting for the damages to add up and building a solid case creates the following problem (happened to me)... I won a judgement against a financial broker in the tune of $210k. the problem is you can win a judgement, however once that happens the one who lost the case will hire an attorney that will work the system to create a payment structure that benefits their client. For example they can file for bankruptcy or show insolvency and the judge will then create a payment structure of say $300 per month for the rest of their lives until the damage is paid (ex. my case). So one important thing to ask your attorney is if you win a judgement against this agent, what assurance will you have that you will be paid the full judgement immediately (not over many years). remember you will no longer have these clients and you are only going to get back what damages you claimed and won (in theory). winning a judgement is nothing, getting paid for the full amount up front is everything and as we know someone at that point can arrange payment on the debt they owe to the courts. It might be easier to just have a cease and desist letter sent to stop the bleeding (take your loss of a few clients and at least she will know you are aware of it). in many cases people will do something until they get caught. Best to you in this mess.

 

[bobson]

Fortunately the attorney is a good friend. In order for his firm to take this as a contingency (which they wont do unless they have confidence they will win) the damages have to exceed the cost of calling past clients to deposition, calling expert testimony from accountants, mother company BOB analysts, etc...

You are going to depose past clients? Does that really sound like a good idea?

 

[insurance1822]

Waiting for the damages to add up and building a solid case creates the following problem (happened to me)... I won a judgement against a financial broker in the tune of $210k. the problem is you can win a judgement, however once that happens the one who lost the case will hire an attorney that will work the system to create a payment structure that benefits their client. For example they can file for bankruptcy or show insolvency and the judge will then create a payment structure of say $300 per month for the rest of their lives until the damage is paid (ex. my case). So one important thing to ask your attorney is if you win a judgement against this agent, what assurance will you have that you will be paid the full judgement immediately (not over many years). remember you will no longer have these clients and you are only going to get back what damages you claimed and won (in theory). winning a judgement is nothing, getting paid for the full amount up front is everything and as we know someone at that point can arrange payment on the debt they owe to the courts. It might be easier to just have a cease and desist letter sent to stop the bleeding (take your loss of a few clients and at least she will know you are aware of it). in many cases people will do something until they get caught. Best to you in this mess.

...thats a good point.

 

[Guest]

I dont think you ever answered the question, how do you know the old agent is taking these people,

When you buy a BOB, you have to expect a certain amount of people to leave.....

 

[bobson]

I dont think you ever answered the question, how do you know the old agent is taking these people,

When you buy a BOB, you have to expect a certain amount of people to leave.....

I think the even better question is if these people are going back to their old agent, how do you know she is instigating it? They can buy their insurance from whomever they want.