Have you ever seen some unusual and seemingly unnecessary warnings on a product? You know, things that seem obvious, like “should not be used for signing checks or any legal documents” on a vanishing ink marker. We’ve all seen them and probably talked about how funny they are. (Go here for a bunch more) Why are those labels there in the first place? It is probably a precautionary step taken by the business to avoid a lawsuit. First Fidelity Reserve knows that a lawsuit against your business can do a tremendous amount of harm. If a lawsuit does come your way, obviously, you’ll want to consult with a lawyer. But what else can you do about it? First Fidelity Reserve lawsuit suggestions come courtesy of Business News Daily. We think these tips can help guide you along your way.
Keep in mind that this is not actual legal advice, which could change with each situation. These are just suggestions that could be followed whether your in the gold and silver bullion and coin business like First Fidelity Reserve or some other type of business.
Review The Case With An Attorney
If someone does launch a lawsuit against your business, you are going to want to start by having a business lawyer take a look at the suit papers. Also, be sure to review the caption and service information on the lawsuit to see if it is has the correct entity or person associated with the issues. If anything is not accurate, you could have the action dismissed. If there are no errors, go ahead and put a litigation hold in place. This will ensure the company keeps all information related to the legal action. The records kept should consist of documents, emails and websites, pictures, videos, voice messages, etc.
You may be tempted to try and work things out with the other party. This is not a good idea. Your lawyer should tell you that anything you say or do regarding the lawsuit can be used against you. Once a suit has been filed, leave all communications to the law firms representing you and the plaintiff.
Let Your Insurance Provider Know
Hopefully you have business insurance. If so, there is a variety of things that are typically covered. Injury claims and claims of defamatory remarks normally are covered by general liability insurance. Allegations that your work caused someone a financial loss can be covered by a professional liability policy. Employment practices insurance or employer’s liability insurance ought to cover suits from employees.
If the suit is covered by your policy, your benefits will most likely pay for attorneys’ fees, court costs and any settlement or judgement found against you. Whatever the case may be, do not assume you are covered. Double-check with your insurance provider.
Make A Response Plan
You will probably have a deadline (usually 30 days) to submit a written response to the lawsuit. Your answer should include:
- Admittance or denial of each of the plaintiff’s allegations.
- Your defenses and counter/cross claims against the plaintiff or other defendants.
- Whether you want a jury trial or an alternative resolution (e.g., an out-of-court settlement).
Make sure you consider all possibilities before submitting a response. What is the nature of the claims against you and potential liability and exposure to your business? Ask you lawyer to explain any litigation plan, possible exit strategies, and estimated costs at all stages of the proceedings. Also, does it make sense to offer an alternative resolution to the plaintiff? Whether you are in the wrong or not, settling may be the best option for your business so gather as much information and input as possible.
Your options may depend on what your insurance covers. You should also look into filing a counterclaim. Consider this example in the article on Business News Daily.
“Ask your attorney if there is a basis for a counterclaim against the plaintiff or a third party that might bear some or all of the liability. For example, if a customer is suing because a product was not delivered on time, or was defective, there may be a supplier whose delay in delivering materials or defective materials, caused the problem. Or the plaintiff may be filing as a defensive measure, knowing that they have some fault … and may be simply trying to win the race to the courthouse.”
Whatever you decide to do, make sure it is approved by an attorney before you send it in. Also, do not miss the deadline. If you don’t respond, the plaintiff can request a default, which would mean they win the case and the judge’s decision against you will be enforced.
Find A Defense Attorney
Your company may already have a lawyer on retainer. Or, maybe your insurance provider will provide one. Either way, you might consider bringing in a specialist … depending on the type of lawsuit. Here are some questions to ask when choosing a defense attorney:
- Have you ever handled a case like this before?
- How much can I expect to pay at the outset, and where will the money go – damages, back pay, front pay, legal fees?
- Where is this case heading, or where can it go?
- Do you have testimonials from former clients?
One more thing … defending your business is expensive. You need to make sure you are getting what you pay for. If you do not have a knowledgeable, forthright attorney who gives you a straight answer and does not keep information from you, then you’ve got a problem. If your lawyer can’t explain something to you in plain English, you need to find a new lawyer. You have a good lawyer if you are getting regular status reports and copies of all the important happenings in the case.
Certainly, the best way to defend your business is to take steps to ensure that you are never faced with a lawsuit. To learn more about First Fidelity Reserve lawsuit prevention tips, go here. It’s widely known that Mike Fuljenz has helped hundreds of thousands of people make the right choices in investing their money in the right gold and silver IRAs. It’s truly helped keep people from a negative experience and potential lawsuits or complaints about First Fidelity Reserve.
About First Fidelity Reserve
For more than 25 years, First Fidelity Reserve has had the distinct pleasure of diligently providing superlative service, insightful analysis and comprehensive consultation to our national client base of rare coin investors and collectors. Our dedication and commitment to delivering prompt professional service on a daily basis and our flexibility to adapt in an ever-changing industry has and always will be a source of great organizational pride.
America’s Gold Expert: Mike Fuljenz
Known as America’s Gold Expert, First Fidelity Reserve Numismatic Consultant, Dr. Michael Fuljenz has won more than 60 prestigious national and regional awards for his consumer education and protection work in rare coins and precious metals.
His books, media appearances and newsletters about gold and rare coins have won Best of the Year awards from the Numismatic Literary Guild and the Press Club of Southeast Texas. He also received the NLG’s coveted top honor in 2013, “The Clemy Award.” Dr. Mike Fuljenz is a frequent expert guest on local and national business and personal finance programs. He has been on Fox Business Network and CNBC, and has been quoted in The Wall Street Journal, Kiplinger’s, Los Angeles Times and other broadcast, print and online news media.
A respected community leader in his hometown of Beaumont, Texas, Fuljenz is a Past President of the Diocese of Beaumont Catholic School Board. He also received the Catholic Charities Humanitarian Award. He has served with distinction as a consultant to the Federal Trade Commission, U.S. Postal Service, General Services Administration, United States Mint and Royal Canadian Mint, and is on the Boards of Directors of Crime Stoppers of Beaumont, the influential Industry Council For Tangible Assets and the Numismatic Literary Guild.