September
2022
Dovel & Luner Sues Prior Officers and Directors for Breaches of Fiduciary Duty
SANTA MONICA – On Wednesday, Dovel & Luner filed a lawsuit alleging breaches of fiduciary duty, conversion, and unjust enrichment against James Foster, Flora Real Estate (a company owned by Foster), and Chris Kennedy on behalf of Agrios Global and its wholly owned subsidiary, Timberland Bay Properties. Foster and Kennedy were former directors and officers at these companies. The lawsuit alleges that rather than acting in the best interests of Agrios and Timberland, Foster and Kennedy misappropriated a commercial property and business that was Agrios’s key asset.
The Complaint, filed in the Superior Court of Mason County, Washington, alleges that Foster and Kennedy breached their fiduciary duties by unlawfully taking the property and business, which was worth in excess of thirty million dollars.
According to the lawsuit, “Foster and Kennedy arranged to simply have Timberland sign a deed transferring the Shelton Property to [Foster’s company] … and allowed [Foster’s company] to reap the benefits of the business that Agrios had created by investing millions of dollars and years of effort.”
“Directors and officers are supposed to act for the interests of the company they serve—not in their own self-interest,” said Alexander Erwig of Dovel & Luner. “Plaintiffs brought this case to reclaim their business and stop Foster and Kennedy from profiting from their breaches of duty.”
CONTACT:
Jenny Elliott
jenny@dovel.com
SOURCE Dovel & Luner, LLP
Related Links: https://www.dovel.com/news/