Legal Question in Business Law in Massachusetts

Investment Club contract

I was a member of a private investment club with a group of friends for 8 years. When my husband took a job with Fidelity Investments, their ethics committee said I would have to leave the club because it went against industry standards fopr me to be in an investment club. Our club contract stipulates that any member leaving before ten years would be subject to a 25 percent fee upon cashing out UNLESS it was due to a move out of state or financial hardship. I argued that my situation fell under financial hardship since my huisband could have lost his job had I stayed in the club. But they took the fee anyway, saying that my situation didn't fall under financial hardship. Is this fair?


Asked on 9/21/05, 7:10 pm

2 Answers from Attorneys

Re: Investment Club contract

I do not believe it is fair and the taking of the fee is not due to resignation but forced withdrawal by them. An attorney would have to look at the contract and the statute to determine if they are entitled to the fee.

Please feel free to contact me without obligation.

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Answered on 9/22/05, 12:13 pm
Jerril J. Krowen Law Offices of Jerril J. Krowen

Re: Investment Club contract

Kindly contact my Office at 781-231-5200 relative to this Matter.

Thank you,

Jerril J. Krowen, Esq.

http://www.krowenlaw.com

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Answered on 9/22/05, 6:27 am


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