On March 17, 2020, Colorado managing partner, Derek Anderson, secured a defense verdict for the firm’s clients in a breach of fiduciary duty lawsuit. The firm defended three members of the board of directors of a Denver based company, its president and the preferred shareholders of the company, in a suit brought by the founder of the company, the fourth board member and the company’s common shareholders. The case involved a complicated financing transaction and a claim for breach of fiduciary duty stemming from the alleged dilution of the plaintiffs. The case was aggressively litigated for nearly two years. Plaintiffs sought damages of $12 million including punitive damages. The case was tried to a jury for twelve days in the Denver District Court. The jury took just one and half hours to return a verdict for the defense.
A copy of the final judgment can be read here.
