Susman Godfrey secured a significant summary judgment victory in the Blodgett v. Fairstead litigation on behalf of affordable housing investor Will Blodgett in the Delaware Court of Chancery.
The dispute arose after Fairstead attempted to seize 100% of Blodgett’s equity interests following his departure from the company. Fairstead sued Blodgett in Delaware Chancery Court claiming it had the right to cancel Blodgett’s vested equity interests under LLC Agreements, based on his alleged breaches of those LLC Agreements. After four years of litigation in multiple venues, the Delaware Court found that Fairstead was not entitled to cancel Blodgett’s vested interests—worth tens of millions of dollars—and found that Fairstead (and not Blodgett) had breached the LLC agreements by doing so. All that remains in the case is to calculate the value of Blodgett’s interests.
The trial team consisted of New York partners Jacob Buchdahl and Elisha Barron and associate Zach Fields.
The case is Blodgett v. Fairstead, case no. 5425000366 in the Delaware Court of Chancery.
