Chet Taylor, former general counsel for Feltl & Co., of Minneapolis, has sued Feltl & Co. for damaging his reputation through a public statement last month which Feltl had said without specifically naming Taylor, that its former attorney, had been replaced along with three others because of stock-trading infractions from 2008 to 2012. These infractions led to Feltl paying a $1 million settlement with an industry regulator.
Taylor worked for Feltl and a previous firm as a house lawyer since 1990. Taylor said he left Feltl in good standing in 2012, and after he left he hired an independent attorney to represent Feltl during the trading-violations investigation.
Chet Taylor sued after Feltl refused to correct the misrepresentations in a corrective action statement it issued last month. Feltl has stopped penny-stock business with clients that got it into trouble with FINRA.
Taylor said he wanted to resume private practice since 2011, but owners John and Mary Jo Feltl wanted him to continue. He resigned September 2012 and did some work for Feltl as an independent lawyer.
Taylor seeks a judgment that would remove the defamatory language from a new corrective action statement, require Feltl to take out newspaper ads correcting the statement, and award Taylor more than $50,000.
If you purchased high-risk penny stocks from Feltl & Co. or another brokerage at their recommendation, please contact Soreide Law Group at (888) 760-6552 for a free consultation on how to potentially recover those losses. We represent clients nationwide before FINRA.
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