Tag: lawsuit

Jennifer Robertson of Quadriga CX Burnt Out from Scrutiny

Rafael Augusto B.L. de Oliveira | @ancient_scrolls

With the unexpected death of Gerald Cotten, CEO and founder of Quadriga Fintech Solutions Corp., his widow Jennifer Robertson has found herself in the middle of a complicated legal battle. She is facing off in defense of her husband’s legacy against former Quadriga CX investors and customers. Robertson never thought this was going to be a simple process. She has admitted that she has little to no experience dealing with Bitcoin, let alone running a company. But what came as a surprise for her was the amount of blowback she is receiving.

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Law Firms Rush to Represent Quadriga CX Clients

Rafael Augusto B.L. de Oliveira | @ancient_scrolls

Cryptocurrency often breeds a great deal of uncertainty. After all, many places still view it as the new kid on the block(chain). Clearly, respect for cryptocurrencies has increased. After all, some governments and companies are going through great lengths to attempt to control it and profit from it. There is still a lot of bias against using these paperless currencies; some still look down at cryptocurrencies with suspicion and distrust. This is especially due to the fact that cryptocurrencies are decentralized and often anonymous. Nevertheless, the adoption and value of those currencies have skyrocketed. But soon, Canadian company Quadriga CX may not find much of either.
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Nationwide Insurance Is Getting Sued…Again

By Cliff Yemen|United States

Last week, Nationwide Insurance Company was sued in Virginia by a current agent disputing a controversial new decision against its exclusive agent distribution channel.  For Nationwide this is not rare. In fact, quite the contrary. Unlike their industry competitors, over the past decade, Nationwide Insurance Company has been sued several times by current and former exclusive agents which begs the question, “Why?”

When evaluating their business model Nationwide has elected to have two different distribution channels simultaneously; independent and exclusive agents.  At present Nationwide claims to have two thousand exclusive channel agents and ten thousand independent channel agents in the country. The sole difference between the two distribution channels is that while independent agents offer Nationwide products alongside many competitors, exclusive agents (often called “career agents”) are obligated to offer only Nationwide products and in return for this concession the exclusive agent channel is promised retirement benefits from the company.

The subject of this most recent lawsuit are those very benefits and the lawsuit is being waged by a 57-year-old agent named Patrick Potter.  He has been working as a Nationwide exclusive agent since 1994 after serving as a Captain in the Virginia Army National Guard before subsequently taking over his father’s agency, also a decorated war veteran, who himself had sold Nationwide products to clients for 60 years. In April of 2018 Nationwide Insurance announced that it would terminate the entire exclusive agent channel as of July 1, 2020, in favor of only having independent agents moving forward.  Additionally, they announced that any exclusive agents who wish to transition to independent agents will be forced to pay large sums of money to purchase their “book of business”, the clients that they have acquired and dutifully served for years, from Nationwide who believes they own those client relationships. Nationwide’s decision came without warning or consultation with their agent force and will impact the entire exclusive sales force, all of whom are just small business owners like Mr.Potter, and they have claimed that they are contractually entitled to do it.  Patrick Potter has asked a court to decide.

Sadly this is not new for Nationwide Insurance.  With one class-action suit currently against them alleging fraudulent recruiting tactics and with past cases (which can be found here and here) over similar disputes from the past one must wonder why Nationwide Insurance can’t avoid regularly facing-off against its agents, and ultimately if consumers will decide to stop supporting this questionable corporate behavior?  Nationwide would claim their hand is being forced to keep up with an ever-changing industry. Others argue that this latest move is merely a crafted charade to eliminate two thousand potential future plaintiffs while simultaneously carrying out a corporate cash-grab of billions of dollars of benefits promised many years ago and forcing agents to spend billions of dollars more when they are vulnerable.  Nationwide claims they have only been developing this program since 2017 and as is often the case there is a substantial price to be paid when large corporations make impulsive decisions. For now, we wait to see another example of David v Goliath play out in the US District Court for Western Virginia while thousands of small business owners, and their families and their staffs’ families, wait to learn their fate.

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975 People File Lawsuit Over Bitcoin Cash

By Eli Ridder | @EliRidder

Angered users of Bitcoin.com have launched a lawsuit over what they describe as misleading tactics carried out due to Bitcoin Cash, or BCH, being labeled as the central Bitcoin and the original, BTC, being labeled as a secondary Bitcoin Core.

The blur between BCH and BTC has led some to purchase the Cash edition while they were seeking the original Bitcoin, according to frustrated buyers. Several users claimed that the actions are tantamount to fraud, a basis for their lawsuit.

The lawsuit, with its digital home at Bitcoin.com Lawsuit, is made up of a group of some 975 individuals “from influential industry leaders to community volunteers [and] contributors” working to protect users from fraud and recover lost funds.

The conflict between BTC and BCH is a long-lasting fight, with supporters of the secondary, minority version, Bitcoin Cash, aiming to establish the newer currency as the main and top-tier Bitcoin.

The founder of Bitcoin.com and major pro-BCH figure, Roger Ver, holds a small minority of support for his view of Cash being the real Bitcoin, but skeptics of cryptocurrency take the conflict as preceding a digital currency “crash”.

On his Twitter, Mr. Ver promotes the successes of BCH, posting graphics, information pages and news interviews, claiming that “Bitcoin Cash has the roadmap that lead to Bitcoin’s original success”, and will lead to future success for the cryptocurrency.

Ver has attempted to frame the so-called “fork”, or split of Bitcoin into BTC and BCH, as an equal split over a sub-shoot from the mainstream, with Core and Cash being compared as a permanent separation.

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Facebook Sued for Defamation Over Scam Cryptocurrency Ads

By Mason Mohon | @mohonofficial

United Kingdom financial advisor Martin Lewis is suing Facebook for defamation after cryptocurrency ads using his name and face continued to pop up on the site.

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