NEW YORK (Legal Newsline) - Faber Daeufer & Irato was sued for breach of fiduciary duty in U.S. District Court for the Southern District of New York on April 2.
QED, LLC filed the suit with Ronald J. Friedman, in his capacity as the Chapter 11 Trustee of Debtor Level Solar, Inc.
QED alleges the defendants were retained by Level Solar and its ex-director and officer, Richard Keiser, when creating a contract plan for QED investments in September 2014.
The lawsuit claims the defendants “conspired with Keiser in secretly altering a pre-existing investors’ rights agreement to frustrate QED’s and the company’s ability to remove Keiser as a director even ‘for cause.'"
QED accuses the defendants of going as far as executing Keiser’s self-interested change to establish himself and trained him on how to conceal the change from QED.
The causes of action were conspiracy to defraud QED and breach of fiduciary duty to Level Solar.