Fox Rothschild Scores Double Litigation Victory for VC FirmJuly 20, 2017 – Press Releases
A Fox Rothschild LLP litigation team led by John Shaeffer and Jeff Grant successfully defended a venture capital firm by persuading a California jury to award zero dollars of unjust enrichment in a 10-year court battle where the plaintiff was seeking $25 million after a finding that the defendants had aided and abetted a breach of fiduciary duty.
It was the second major victory for the Fox team in representing The Idanta Partners, Ltd. and its principals. Fox was retained to handle an appeal after a jury hit the company with a $7 million unjust enrichment award. (Idanta was represented by a different law firm in the first trial.) Shaeffer and Grant convinced the appellate court to toss out the unjust enrichment award and ordered a new trial on that issue.
Now, following a nearly three-week retrial, the jury deliberated for only two hours before returning a complete defense verdict and awarding the plaintiff nothing.
In the suit, plaintiff American Master Lease, a real estate syndication business, alleged that Idanta had raided its employees and aided and abetted a breach of fiduciary duty. The sole issue on retrial was the amount of unjust enrichment that should be awarded. The Fox team convinced the jury that the amount awarded should be zero.