Brokers Sue Newspaper

Brokers Sue Newspaper

The Davis County Clipper newspaper is being sued for disparagement and defamation by an investment brokerage firm and two of its employees who claim the paper ran an article accusing the brokers of scamming patrons.

The lawsuit, filed Tuesday, claims that Gary W. Teran, the president of First Western Advisors, and broker Carl A. Page suffered losses as a result of the defaming article. The company claims defamation, disparagement, negligence and negligent infliction of emotional distress.

The suit seeks damages of $2.25 million plus punitive damages.

The Story

The newspaper ran a story titled, “Davis Man Charged with Bilking Millions,” claiming that Teran, Page, and two past First Western brokers, had their licenses revoked by the state and that they were being fined, but that not the truth.

Only a petition to revoke the license was filed.

“In just a few paragraphs, the Clipper cast an ugly shadow over the integrity of my personal and business dealings,” said Page. “It is overwhelming to imagine the depth and breadth of damage this article has, and will continue to inflict, upon me, my family and my livelihood.”

According to the plaintiffs, the newspaper negligently failed to note that the U. S. Securities and Exchange Commission and the National Association of Securities Dealers had examined the same charges previously and did not take any action against the brokers.

The lawsuit claims that the story’s writer, Melinda Williams, did not contact anyone at First Western to seek a comment on the issue.

“We respect the role of the media in delivering important information,” said Teran. “However, with this role comes a special responsibility to assure the veracity of the stories it prints – particularly when the information has the ability to shatter personal and professional reputations. We hope that by taking this decisive action, we send a strong message that truth and accuracy do matter.”

Victim of disparagement? Please contact us today to consult with an experienced personal injury attorney free of charge. We may be able to help you recover compensation for your losses. 

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