International Insurance Brokers Sues Team Bank, Mystic Capital
International Insurance Brokers Ltd., headquartered in Tulsa, Okla., announced it has filed suit in the United States District Court for the Northern District of Oklahoma against TeamBank N.A., Team Financial Inc. and Mystic Capital Advisors Group LLC claiming damages for conspiracy, fraud, misrepresentation and breach of contract.
Also named in the suit 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, a principal in Mystic Capital Advisors.
IIB 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.
In a Feb. 9 filing with the Securities and Exchange Commission reporting its Dec. 31, 2006, results, Team Bank said it believes the claims made by IIB in the lawsuit “are totally without merit, and it will pursue a vigorous defense as well as pursue available counterclaims against the plaintiff.”
In an e-mailed response to Insurance Journal, Mystic Capital’s Kevin Donoghue said, “In response to [the] press release by International Insurance Brokers, Ltd regarding an alleged suit against Mystic Capital Advisors Group LLC, Mystic Capital cannot fully comment as we have not received a suit. However, Mystic Capital proudly and wholeheartedly stands behind its company’s ethics, professionalism, consultations and work products for not just the engagement referenced in today’s article, but for all of the firm’s engagements.”
In the announcement, IIB’s Coughlin stated his company intends “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.
Team Financial Inc. operates in the Kansas City metropolitan area, southeastern Kansas, western Missouri, the Omaha, Neb., metropolitan area, and in the Colorado Springs, Colo., metropolitan area.
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Warren Buffett’s PacifiCorp Now Faces $30 Billion Fire Claim Demand
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road