A financial group has filed suit against the life insurance company that allegedly misled the group into believing it would earn substantial revenue from a partnership. In fact, the financial group claims it has lost money from the deal.
Qintera Financial Group claims it entered into a development loan agreement with Fidelity and Guaranty Life Insurance Company. As part of the agreement, Qintera agreed to accept funding and support from Fidelity, which allegedly would lead to increased production, sales and profits for Qintera, according to the complaint filed Jan. 3 in St. Clair County Circuit Court.
“Plaintiff expended significant capital to acquire and sell defendant’s product only to be told that the repayment terms of the Development Loan Agreement were being accelerated,” the suit states. “As a direct and proximate result of plaintiff’s reliance on the truth of defendant’s statements, plaintiff has suffered a loss of income and profit as a result of loss of capital.”
In its complaint, Qintera is seeking a judgment of more than $50,000, plus punitive damages and other relief the court deems just.
Van-Lear P. Eckert of the Law Office of Van-Lear P. Eckert in Belleville will be representing it.
St. Clair County Circuit Court case number: 13-L-0004.