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Tuesday, February 18, 2014

Ind. Decisions - "Lawsuit accusing Fatheadz CEO of fraud reinstated by COA"

A Not for Publication opinion today by the Court of Appeals, Jonathan "Slade" Taylor and Mark A. Casey v. Eric "Rico" Elmore and Fatheadz, Inc. (NFP), is the subject of a story this evening by Jeff Swiatek of the Indianapolis Star that begins:

The Indiana Appeals Court has reinstated a fraud lawsuit against the founder and CEO of the Fatheadz sunglasses company, citing his partners’ claims that he bought them out in 2010 just before the company’s fortunes turned around.

Eric “Rico” Elmore, whose pricey oversized sunglasses perch on the faces of Indianapolis Colts players, MMA fighters and other large-noggined users, had reason to think that the 2010 lawsuit by former partners Jonathan “Slade” Taylor and Mark Casey was behind him.

But the Appeals Court on Tuesday found that a Hendricks County judge erred in dismissing the lawsuit last year and ruled that Taylor and Casey have a valid complaint against Elmore and his Brownsburg company.

The two former partners with Elmore allege he pulled off a shady repurchase of their devalued shares in 2010, telling them he intended to sell the struggling company and needed to get all the shares under one name.

The opinion is authored by Sr. Judge Shepard.

Posted by Marcia Oddi on February 18, 2014 06:56 PM
Posted to Ind. App.Ct. Decisions