More motions are piling up in the ongoing lawsuit of a Florida financial advisory couple against the CFP Board of Standards Inc., with an argument about a court deadline being the latest point of contention.
Jeffrey and Kimberly Camarda, owners of Camarda Financial Advisors in Fleming Island, Fla., originally filed suit against the board last year after the board threatened to issue a letter of admonition against the Camardas for calling their practice “fee only.”
The board contended the couple’s ownership of an insurance company that accepted commissions precluded them from using the fee-only designation. The couple stopped using the designation and say they tried to work with the board to resolve the dispute.
However, the dispute has erupted into a national controversy that entangled other advisors who were using the designation, including leaders in the industry, and has led to changes in CFP requirements.
The latest moves in U.S. District Court in Washington, D.C., involve opposing motions by the two parties to change the deadline for the discovery process.
The Camardas have asked for an extension of the discovery deadline from Nov. 14 to March 31, 2015, because they hired new lawyers to assist their lead attorney, Jeffrey S. York. The board has counter-filed asking that the court not delay the process and stick to the original deadline.