“Such a position is an unfair claims settlement practice and advocates prohibited and illegal conduct,” the plaintiffs stated in their complaint.
The plaintiffs argue that QBE failed to properly investigate their claims and did not attempt a “prompt, fair, and equitable settlement” as required under Massachusetts’ consumer protection and insurance laws. They also claim that QBE’s failure to disclose its coverage of the former WMO executives, who allegedly misled them during the partnership, further complicated their efforts to recover losses.
Michael Landry $18M Trial : Background of the Joint Venture
Landry, who had an existing boat business in Massachusetts, partnered with WMO to comply with the U.S. Jones Act, which mandates that domestic shipping be conducted on vessels owned predominantly by U.S. citizens. TFIC, based in Maine, was brought in to assist with financing and capital raising for the venture. However, by 2022, the relationship had soured, with WMO allegedly breaching noncompete clauses, unilaterally replacing board members, and dismissing the CEO who had negotiated the original deal with the plaintiffs.
