Judge rules in favor of Gravity Payments CEO Dan Price
A King County Superior Court judge on Friday ruled in favor of Gravity Payments CEO Dan Price on all counts in a lawsuit waged by his brother, Lucas Price, who co-owns the company.
Lucas Price filed a lawsuit in last year alleging Dan Price excessively compensated himself and cut Lucas Price out of key company decisions, denying his rights as minority owner. Lucas Price asked the judge to force Dan Price to buy out his shares.
Judge Theresa B. Doyle wrote Lucas Price failed to prove those claims in the judgment, which mandates Lucas Price pay his brother's attorneys fees and trial expenses.
"My love for my brother is unconditional," Dan Price wrote on Facebook on Friday. "I will never take for granted the incredibly valuable role Lucas played in creating our company. I’m thankful for the opportunity to put this challenging time behind us. I’m excited to once again get back to investing all of my time and energy into supporting our clients, communities and our team’s mission to change the way we think about the purpose of business."
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Dan Price is best known for cutting his own salary and raising his Seattle credit card processing company’s minimum salary in April 2015 to $70,000 a year. The move will eventually double salaries for more than one quarter of Gravity’s staff, although the company’s phased-in minimum wage has only reached $50,000 so far.
http://www.bizjournals.com/seattle/blog/techflash/2016/07/judge-rules-in-favor-of-gravity-payments-ceo-dan.html?ana=e_me_set1&s=newsletter&ed=2016-07-11&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1468259584&j=74746382
