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Enter Symbol
or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 102,978,795
Close 2015-11-09 C$ 5.13
Market Cap C$ 528,281,218
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Canaccord ex Kells responds to Weisgerber's lawsuit

2015-11-09 10:33 ET - Street Wire

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by Mike Caswell

Former Canaccord Genuity Corp. employee David Kells denies that he owes anything to a former colleague for a $22-million book of business he received from that colleague. Mr. Kells contends that the book of business did not belong to any one broker. Clients could change advisers any time they desired, he points out.

Mr. Kells is responding to a lawsuit that a retired broker, John Weisgerber, filed against him in the Supreme Court of British Columbia on Sept. 30, 2015. The suit complained that Mr. Weisgerber transferred his $22-million book of business to Mr. Kells, but received nothing in return. Mr. Weisgerber said he was seeking a payment based on the industry standard fee of 1.25 per cent (which would work out to $275,000 for a $22-million portfolio).

In his response, filed on Nov. 5, 2015, Mr. Kells contends that he owes nothing for the book of business. As he sees it, a book of business is merely a list of clients that belongs to the brokerage (Canaccord in this case). The broker administers the clients for a commission on any sales. Brokers do not have a right to own those clients, he says. Mr. Kells further points out that when Mr. Weisgerber left Canaccord, he did so without giving clients notice of any transfer to a new broker.

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