Monday, August 5, 2019

Shri Thanedar settles business fraud lawsuit just days before trial

Posted By on Mon, Aug 5, 2019 at 2:25 PM

click to enlarge Shri Thanedar at Metro Times' office. - TOM PERKINS
  • Tom Perkins
  • Shri Thanedar at Metro Times' office.

Shri Thanedar, the businessman known for his failed Democratic gubernatorial run, reached an agreement with plaintiffs to avoid trial in a lawsuit alleging he overstated the worth of a company he sold in 2016. Thanedar and Avomeen Holdings LLC, the plaintiff in the case, reached an agreement to settle the matter outside of court, prompting U.S. District Judge Gershwin Drain to dismiss the case on Friday.

The trial, if not for the last-minute settlement, would have began on Tuesday. It would have taken place in Detroit, where Thanedar recently moved (and could potentially run as a candidate for one of the city’s offices).

In the lawsuit, Avomeen Holdings LLC claimed $7-8 million in damages after Thanedar inflated the worth of the company, Avomeen Analytical Services, and pocketed $20 million from the sale. The details of the agreement are unknown at this time, though it is worth noting this comes after failed settlement attempts between the two parties in the past.

Michigan residents may remember Thanedar from his failed bid for the Democratic nomination for governor. Though he spent over $10 million out of pocket on his campaign, he finished behind Gov. Whitmer and Abdul El-Sayed. His candidacy, though gaining name recognition through wide-reaching advertisements, hit speed bumps after claims of animal abandonment by his former pharmaceutical company surfaced.

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