Vaden v. Outfitter Ventures, LLC CA6
Defendant Val Valden and his then wife Lilli Rey together formed a venture capital fund, whose name was later changed to Outfitter Ventures, LLC (Outfitter). Val’s younger brother, plaintiff Erich Valen, went to work for defendant Outfitter, first as an independent contractor and then as an employee. Erich was eventually laid off in February 2010 after working for Outfitter for a number of years. Erich sued defendants Outfitter and Val in December 2012, claiming, among other things, that Outfitter had not, as promised in 2004, paid him 25 percent of the company’s “carry”—which was alleged in the complaint to be “the net profit on investments Outfitter [had] made after deduction for costs”—in exchange for his continuing to work for the company for a period of five years. Following summary adjudication of the second through the seventh causes of action (Code Civ. Proc., § 437c) and the dismissal of the first cause of action at Erich’s request, judgment was entere
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