From Send2Press® Newswire — Print Friendly Version
P R E S S R E L E A S E :
Former Agent Sues LTC Financial Partners
Fri, 18 Jun 2010, 15:18:36 EDT
RICHMOND, Va., June 18 (SEND2PRESS NEWSWIRE) -- Linda Tsironis Caruthers ("Caruthers"), CSA, LTCP and
founder/president of Long-Term Care Consultants based in Richmond, VA, has sued her former insurance broker (otherwise
known as a field marketing organization or "FMO"), LTC Financial Partners, LLC ("Partners") for an amount in excess of one
million dollars, due to Partners' alleged failure to appropriately compensate Caruthers for introducing Partners to the National
Education Association's ("NEA"), NEA Member Benefits Corporation and assisting Partners' in obtaining an opportunity to
compete for and win the NEA endorsement to provide long-term care insurance to NEA members and their families.
Although Partners openly admitted that Caruthers was the key to its obtaining the NEA Long-Term Care Insurance Program,
underwritten by John Hancock, it has refused to pay Caruthers anything more than $ 10.00 per application submitted instead
of a commission-based override. The case is pending in Henrico County Circuit Court, Virginia, and is currently scheduled for
a two-day trial starting July 28, 2010.
NEA is now Partners' largest account in terms of membership, and, according to the suit, planned on generating an estimated
twenty million dollars in premiums during the first 24 months of the relationship. The Complaint also alleges that Partners
recognized the NEA account as the largest opportunity in the country related to long-term care insurance, providing a platform
for developing other accounts, as well as recruiting agents. Despite this, Partners filed a separate lawsuit in Chesterfield
County Circuit Court, Virginia ("Chesterfield Case") against Caruthers, her agency, and NEA Member Benefits Employee,
Richard Smith, alleging that Partners has been damaged as a result of landing the NEA account.