The plaintiff investment dealer brought an action against the defendant investment advisor for repayment of a transition loan.
The defendant's regulatory registration was suspended shortly after he joined the plaintiff, rendering him unable to fulfill his duties.
The plaintiff terminated the agency agreement and demanded repayment of the loan pursuant to the agreement's terms.
The defendant argued the loan was governed by a prior term sheet, claimed wrongful termination, and counterclaimed for bad faith.
The court found the written agency agreement governed, the plaintiff had cause to terminate due to the defendant's lack of registration, and the plaintiff made reasonable efforts to assist the defendant.
The court granted judgment for the plaintiff for the outstanding loan amount plus interest and dismissed the counterclaim.