Tightening the Noose on Franchise Fraud
"As a lawyer exclusively representing franchisees, the types of claims that I see are numerous and varied. Anything from a franchisor’s failure to approve a transfer, to a threatened termination, to failure to support the franchise in a way the franchisee is expecting (which happens a lot)—the calls I receive keep my job interesting."
November 18, 2024 at 11:33 AM
6 minute read
As a lawyer exclusively representing franchisees, the types of claims that I see are numerous and varied. Anything from a franchisor’s failure to approve a transfer, to a threatened termination, to failure to support the franchise in a way the franchisee is expecting (which happens a lot)—the calls I receive keep my job interesting. However, the call that I and my colleagues get most frequently relates to fraud; someone somewhere oversold the franchise opportunity, typically in multiple ways.
Unlike the sale of a typical business, someone who is selling a franchise is really selling the use of a trademark and particularized systems. Finding the location, building the unit, and operating the business are all left up to the franchisee. Because the franchisee bears nearly the entirety of the financial risk, government regulation, at both the state and federal level, focuses primarily on attempting to prevent fraud in the sale of franchises by requiring robust disclosure of the franchise opportunity.
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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
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Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
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Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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