MISSISSAUGA, ON, Feb. 18 /CNW/ - KingsGate Wealth Management Services
Limited, parent company to KingsGate Securities and KingsGate Insurance Group
Limited, announced that it has amended an ongoing lawsuit against Industrial
Alliance Securities Inc. surrounding the termination of several critical
contracts with the firm. The lawsuit claims that the termination by Industrial
Alliance was unlawful, and recently resulted in KingsGate having to cease all
retail operations in December 2008. The lawsuit was originally issued by the
Ontario Superior Court on October 4, 2007, and claims damages in excess of $3
million plus punitive damages.
"We are extremely disappointed with the way our partnership evolved with
Industrial Alliance Securities", says Fred Roberts, CEO of the KingsGate Group
of Companies. Roberts further adds that, "we were very proud that our small,
independent firm was able to attract the attention of a huge company like
Industrial Alliance back in 2005. Unfortunately, Industrial Alliance did not
live up to the commitment we had expected, and we now have little choice but
to close our doors."
Walter Bobko, Chief Operating Officer of KingsGate and former Vice
President of Industrial Alliance Securities, adds that "I am deeply
disappointed that it has come to this, as we have put so much time and effort
into our firm over the past 10 years. This was so unnecessary."
KingsGate Wealth Management Services Limited: Founded in 1999, KingsGate
Wealth Management Services Limited operates and manages a number of wholly
owned subsidiaries in the Canadian financial services sector. Those wholly
owned subsidiaries include KingsGate Securities Limited, KingsGate Financial
Group Limited, and KingsGate Insurance Group Limited.
For further information:
For further information: Fred Roberts, email@example.com