Secured voluntary dismissal of suit alleging inaccurate financial advice against bank

March 4, 2014

Represented three financial institution affiliates in litigation arising from investment and insurance advice provided to plaintiffs concerning their parents’ estate. Plaintiffs alleged that the three entities knowingly gave inaccurate financial advice regarding the characteristics of life insurance products in order to earn commissions. Plaintiffs sought nearly $1 million in damages − and a separate amount for attorneys’ fees − based on charges of inducement, constructive fraud, breach of fiduciary duty and unjust enrichment. The McGuireWoods team filed a 12(b)(6) motion to dismiss the initial complaint, which prompted plaintiffs to file an amended complaint with greatly expanded claims. We then moved to dismiss the amended complaint in its entirety and with prejudice. Two days before plaintiffs’ response was due, their counsel indicated that they were voluntarily dismissing the lawsuit, an action that was formally ordered.
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