Primerica Accuses Osaic Of Running Corporate Raids 'Under Cover of Darkness'

Core Points - Primerica Financial Services has filed a lawsuit against Osaic Wealth, accusing it of a conspiracy to unlawfully take its business and clients [1][2] - The lawsuit claims that Osaic has a history of engaging in such practices, which are allegedly embedded in its corporate culture [3] Group 1: Allegations and Legal Actions - Primerica alleges that Osaic conspired with several of its advisors in West Virginia to solicit clients and take confidential information, violating employment contracts [2] - The complaint states that Osaic's business model relies on "raids" to acquire representatives who then breach their contracts to benefit Osaic [3] Group 2: Recruitment Tactics - Osaic allegedly encouraged former Primerica representative Brian David Collins to act as a "double agent" to facilitate the transfer of client information and staff [4] - Collins established Legacy Investment Advisors and Wealth Management shortly before the mass resignation of staff to join Osaic on October 17 [4] Group 3: Financial Implications - The six former Primerica representatives who joined Osaic managed approximately $530 million, which accounted for over 96% of the branch's assets under management [5] - Primerica claims that Osaic incentivizes representatives to breach contracts by offering "large cash bounty payments" disguised as "forgivable loans" [5]