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Tuesday, November 05, 2013

The Mutual Fund Store Sues One of Its Own

News summary by MFWire's editors

The Mutual Fund Store has filed a lawsuit against a lawyer who has controlling interest in the chain's franchise stores in Fresno, Calif.; Wichita, Kan.; and Seattle, reports RIABiz.

RIABiz reports that the Overland Park, Kan.-based national RIA, which has 130 locations and roughly $8 billion of AUM filed three lawsuits against franchisee Jeffrey Roper.

The trade publication interviewed TMFS chairman and founder Adam Bold on the lawsuit. He told the publication that the lawsuit was filed in order to enforce a clause in the franchise agreements of the three stores. The clause states that The Mutual Fund Store can buy back any store when it wants.

“It appeared there wasn’t going to be a meeting of the minds; it was easier to do this,” Bold is quoted as saying in the RIABiz article.

Bold told RIABiz that the lawsuit is strictly a business issue between franchisee and franchisor and that he and his company do not have concerns about the proper care of clients by Roper’s franchises. 

Edited by: Tommy Fernandez

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