In a case involving a claim of professional negligence against an insurance agent filed in Philadelphia County Court of Common Pleas,¬†Anthony P. DeMichele¬†obtained a voluntary dismissal for his client. In the lawsuit, the plaintiff claimed that his insurance agent negligently advised him to switch annuities. According to the plaintiff, he was told by his insurance agent that he did not have enough liquidity in his annuity to satisfy his financial needs. Based upon his insurance agent’s recommendation and advice, the plaintiff switched annuities. After making the switch, the plaintiff learned for the first time that the value of his annuity substantially decreased due to early withdrawal penalties and cancellation fees. The plaintiff claimed that he was not advised of these penalties and fees. The plaintiff also learned that not only did the value of his annuity decrease but the insurance agent earned a large commission as a result of the switch in annuities. The plaintiff claimed that he was unaware of the insurance agent’s compensation at the time the switch in annuities occurred. Further, after the switch in annuities, the plaintiff alleged that he learned that his original annuity had sufficient liquidity for his financial needs and therefore, it was not necessary to switch the annuities.

The plaintiff alleged that the insurance agent recommended the switch in annuities solely for the insurance agent’s own self-interest and at the expense of the plaintiff. The plaintiff claimed that there was no need for him to switch the annuities and that the only reason he made the switch was because his insurance agent advised him to do so. In relying on the insurance agent’s advice, the plaintiff made the switch and suffered a loss in the value of his annuity. Moreover, the plaintiff claimed that the insurance agent’s commission demonstrated that the insurance agent was acting with his own interests in mind and not in the best interest of the plaintiff.

During an aggressive deposition of the plaintiff, Mr. DeMichele obtained valuable admissions from the plaintiff. These admissions weakened plaintiff’s case against the insurance agent and forced the plaintiff to reevaluate his case. A few days after the plaintiff’s deposition, plaintiff decided not to pursue his case against the insurance agent and filed a voluntary dismissal with the Court, dismissing the case against the insurance agent.