May 27, 2015, Los Angeles, California. U.S. District Judge Fernando Olguin of the U.S. District Court has granted summary judgment against Plaintiffs Joseph Odish, John Bourbeau, and Cranbrook Capital Consulting Group, who had sued Mr. Fredman’s clients, Cognitive Code Corporation, and their founders and counsel. Plaintiffs had alleged they were entitled to a non-dilutable 37.5 percent ownership share of defendant company based on written agreements, and damages against the company and its founders.
In its decision and judgment entered on May 27, 2015, Judge Olguin found that the subject agreements were voidable because plaintiff Odish, as an attorney, failed to comply with his ethical duties for business transactions between attorneys and their clients. The Court found that the agreements were unfair to Odish’s clients, that Odish had not fully advised his clients as to the pros and cons of the written agreements, and that Odish had failed to advise his clients in writing of their right to seek independent counsel and afforded them a reasonable opportunity to seek advice. Judge Olguin’s opinion is here.
FLP Law Group, a corporate securities law firm, successfully defended Cognitive Code Corporation and its founders and counsel in a lawsuit filed by Joseph Odish, John Bourbeau, and Cranbrook Capital Consulting Group in the U.S. District Court in Los Angeles, California.
The plaintiffs claimed that they were entitled to a 37.5 percent ownership share of the defendant company based on written agreements and sought damages against the company and its founders. However, Judge Fernando Olguin found that the agreements were voidable due to the plaintiff’s ethical violations, highlighting the importance of seeking the assistance of a reputable corporate securities attorney in such legal matters.
If you need any assistance with corporate securities legal matters, you can always reach out to FLP Law Group through their contact form.