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Judge Dismisses Camardas’ Case Against CFP Board

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A federal court has thrown out a lawsuit brought against the Certified Financial Planner Board of Standards by fee-only planners Jeffrey and Kimberly Camarda.

Judge Richard J. Leon of the United States District Court for the District of Columbia granted the CFP Board’s motion for summary judgment and dismissed Jeffrey and Kimberly Camarda’s case in its entirety late Monday.

“[The] CFP Board is very pleased that Judge Leon dismissed the case on the basis of deficient legal claims without the need for a trial,” stated Marilyn Mohrman-Gillis, managing director of public policy and communications for the CFP Board, in a statement. “This ruling affirms CFP Board’s authority to set and enforce its Standards of Professional Conduct, which serve as critical consumer protections.”

The CFP Board alleged the Carmardas violated the Board’s fee-only definition in reference to their firm, Camarda Wealth Advisory. 

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The Camardas sued in June 2013 to block the CFP Board’s public letter of admonition, as well as for their legal costs and for business damages they claimed had resulted from the publicity generated by the case.

Mohrman-Gillis added that CFP Board plans to issue a supplemental statement after reviewing Judge Leon’s opinion, which is currently under court-ordered seal.

— Read “Camardas Amend Court Filing to Block Client List From CFP Board” on ThinkAdvisor.