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August 1, 2008

Nets investor's lawsuit against Ratner dismissed

Atlantic Yards Report

[A] lawsuit by Nets investor Eugene Greene, claiming that Nets majority owner Bruce Ratner reneged on promises of inner-circle perks as a member of the team's Board of Governors, has been dismissed by a State Supreme Court judge.
Greene's lawsuit... sought $20 million in compensatory damages and $10 million in punitive damages and featured the alleged claim that Ratner executives told Greene he'd been "f----d" out of the deal.
Supreme Court Justice Herman Cahn's decision cites some information that hadn't surfaced earlier:

Although not alleged in the complaint, plaintiff has acknowledged, in his Memorandum of Law submitted in opposition to the motion, that the $6,000,000 investment was returned in 2004... and that he now seeks only the value of what was promised to him for the work he performed on behalf of defendants...

And what was that value? The decision notes that Greene acknowledges that there was no "express written or oral agreement specifying the exact terms" of his compensation.

Greene's lawyer, Jonathan S. Sack, told the New York Law Journal that Greene was considering an appeal.


Posted by lumi at August 1, 2008 4:37 AM