A prominent figure in the finance world is filing a lawsuit against his former organization
In a shocking turn of events, Fabien Major, a renowned figure in Quebec's financial industry and a former Assante Capital Management employee, has filed a lawsuit against the company. The lawsuit, valued at $1.6 million, alleges abusive and prejudicial conduct by Assante Capital Management following the termination of their professional agreement.
According to the lawsuit, Fabien Major's financial losses due to the significant loss of clients generated by Assante's actions are estimated at 1,400,000$. The assets under management of the Major Team totaled 742 million, with the branch generating over 4 million in annual revenues, half of which came directly from Fabien Major's client base.
The dispute between Fabien Major and Assante Capital Management arose in July 2024. However, a search of relevant sources did not yield any detailed information about the dispute, including any allegations of coercion or hindrance in client transfers.
In July 2022, Fabien Major hired two financial planners, Antoine Chaume and Geneviève Lavigueur, with the intention of training them and eventually selling his business. However, Antoine Chaume and Geneviève Lavigueur subsequently left Équipe Major to join the Assante branch in Brossard.
The lawsuit alleges that Assante Capital Management hindered the transfer of Fabien Major's clients to his new firm and spread false and defamatory statements about him. Eric Lauzon, vice-president of business development at Assante, reportedly proposed not to report his alleged "misconduct" in exchange for Fabien Major selling his client base to him for $8 million. However, the proposed amount was significantly lower than the actual value of Fabien Major's client base, as Antoine Chaume and Geneviève Lavigueur had offered him $11,280,000 a few weeks prior.
Assante Capital Management has declined to comment on the lawsuit, stating that the claims distort the facts and are without merit. Fabien Major, a Quebec Finance Star, could not comment on the lawsuit due to his lawyer's recommendation. However, it is known that he seeks $1,427,807.33 for pecuniary damages, $170,000 for moral damages, and $50,000 in punitive damages.
Fabien Major's license was transferred to his new firm, iA Gestion de patrimoine, on August 27, 2024. The lawsuit will be heard in court.
This development marks a significant blow to Fabien Major's reputation, which he had built over decades of hard work and had earned approximately $2 million in annual income. The outcome of the lawsuit could have far-reaching implications for both Fabien Major and Assante Capital Management.
Note: This article is based on the provided bullet points and does not contain any additional research or opinions.
Fabien Major, once a significant asset to Assante Capital Management's business, is currently embroiled in a lawsuit alleging their abusive conduct that led to financial losses of $1,400,000. The lawsuit further claims Assante hindered the transfer of Major's clients to his new firm and spread defamatory statements about him, with possibly coerced client transfers to Assante's branch in Brossard. The case could impact not only Major's reputation but also Assante Capital Management's standing in the investing community.
