Dallas Office Secures Rare Summary Judgment for Financial Advisors in Multimillion-Dollar Professional Liability Matter

Dallas, Texas (June 24, 2020) - Dallas Associate Michael Gonzales recently secured a traditional and no-evidence motion for summary judgment disposing of all claims against his financial advisor clients in a $7 million professional liability matter. The case arose out of the sale of several variable life insurance and disability policies.

The plaintiff in this matter was the financial advisors’ former client who asserted claims for breach of fiduciary duty, misrepresentation, fraud, and violations of both the Texas Deceptive Trade Practices Act and Texas Insurance Code in relation to the sale of the policies. Specifically, the plaintiff alleged that the advisors had misrepresented certain policy benefits, including the expected performance of the investment component of the variable life insurance policies.

In addition to the plaintiff’s $7 million demand, any settlement or adverse verdict would have resulted in mandatory disclosures for the financial advisors. For this reason, the court’s order granting summary judgment in favor of the advisors was particularly significant because it protected the clients’ ongoing professional interests. Furthermore, motions for summary judgment are rarely granted in Texas state court, especially those disposing of a plaintiff’s entire case.

For more information on this case, contact Mr. Gonzales directly.

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