Contract applied to some, but not all clients

UPDATED: Oct 1, 2022

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Contract applied to some, but not all clients

We had assets invested at a financial firm in TX. By contract, we were charged a quarterly fee based on the amount of our assets held by this firm. We eventually terminated our contract with them, we were charged the balance of the quarterly fee and we promptly paid. We have friends who have also terminated their contracts identical terms and around the same time and they were not charged the remainder of the quarterly fee. They are fully aware they owe the firm money. They have failed to contact the firm to advise them and have no intention of doing so. May we anonymously contact the firm and let them know there are former clients with outstanding balances? Or, may we threaten to sue for the remainder of the quarterly fee we paid, as referenced in the contract, since they are obviously not holding all clients to the terms of the same contract?

Asked on October 4, 2017 under Business Law, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Your only right is to have the terms of your contract applied to YOU correctly; you have no rights in regards to contracts between the firm and other clients, and are not entitled to any compensation if other people were treated more favorably than you. Their treatment is legally irrelevant to you.
You may legally "drop a dime" on your friends--there is no law prohibiting this, and whether you should do so is between you and your conscience.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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