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I would like to sue Conseco for recapturing sales fees and commissions that resulted from their bankruptcy.

Submitted 2008-09-22

Defendant: ^Bad Faith Insurance

I was an independent insurance agent/registered rep. I invested a friend's money in Conseco fixed annuity. A year later, Conseco filed bankruptcy. My friend got nervous and redeemed, losing a back-end sales charge. Conseco also wanted return of my commission, which was contractual. I refused, based on the fact that the annuity would have remained in place had it not been due to the bankruptcy. Now, my license has been revoked and Oregon Dept of Insurance has me listed on their site as having been terminated due to withholding commissions. Do I have any recourse?

-- Oregon


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