International Insurance Brokers, Ltd. Sues Team Bank, N.A. for Fraud.TULSA, Okla. -- INTERNATIONAL INSURANCE BROKERS, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . announced today that it has filed suit in the United States District Court for the Northern District of Oklahoma The United States District Court for the Northern District of Oklahoma is the Federal district court whose jurisdiction comprises the following counties: Craig, Creek, Delaware, Mayes, Nowata, Osage, Ottawa, Pawnee, Rogers, Tulsa, and Washington. It is based in Tulsa. against TeamBank N.A., Team Financial Inc. (NYSE NYSE See: New York Stock Exchange :TFIN) and Mystic Capital Advisors Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . claiming damages for conspiracy, fraud, misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. and breach of contract. Also named in the suit filed Tuesday were Robert J. Weatherbie, chairman of the board of directors of Team Financial Inc. and the president of TeamBank N.A.; Michael L. Gibson, chief financial officer of Team Financial Group and TeamBank N.A.; and Kevin Donoghue Kevin Donoghue (born 1979) is an American politician and a member of the Maine Green Party serving on the City Council in Portland, Maine. He is one of the first two members of the Green Party to ever serve on the Portland City Council and the youngest member to serve in the , a principal in Mystic Capital Advisors. IIB IIB Institute for Independent Business IIB Institute of International Business IIB Institute of International Bankers IIB International Investment Bank IIB Indian Institute of Banking & Finance IIB Included in Bankruptcy IIB Ice, Ice, Baby alleges that Team breached representations, warranties and indemnifications made in connection with the February 2005 purchase of Team Insurance Group Inc. by IIB. The complaint states that all of the defendants participated in defrauding IIB in connection with the acquisition by making representations and warranties to IIB that they knew were false. According to Matthew F. Coughlin, III, managing partner, IIB intends to recover damages, which total in excess of $20 million. Coughlin stated that he was extremely disappointed when he discovered the misrepresentations detailed in the Federal court suit. "Public companies, particularly banks, which are entrusted with the financial well-being of the general public, must be held to the highest ethical standard. The phrase 'you can take it to the bank' must remain meaningful in order to maintain the high level of public trust and confidence vital to our economic system," Coughlin said. "We intend to vigorously pursue and fully recover the damages Team and its officers caused IIB." Established in 2003, IIB is a national professional services firm providing insurance brokerage and related risk management services for property and casualty insurance, employee benefits programs, life insurance, executive compensation programs and personal insurances. The firm is headquartered in Tulsa and services both companies and individuals. For more information, visit www.iibltd.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion