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New York

iFunding says it settled lawsuit from investor who wanted to dissolve company

Crowdfunding startup agreed to pay $150K in cash

William Skelley
William Skelley

Real estate crowdfunding company iFunding says it settled a lawsuit brought by an investor who had sought to dissolve the company.

The startup agreed to pay $150,000 in cash to Michael J. Turner, in return for Turner giving up all claims against the company and its CEO William Skelley.

Turner, who runs a Connecticut-based contracting firm, invested $100,000 in the company in 2012 in return for a 20-percent ownership stake, according to court records. In January, he sued iFunding, claiming he was frozen out of decision-making. He sought unspecified damages, a court order requiring iFunding to buy his ownership stake, and the company’s dissolution.

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“On behalf of the company and myself, we are glad to get this suit behind us and for reasonable terms,” Skelley said in a statement.

An attorney representing Turner did not immediately respond to requests for comment.

In March, iFunding settled a fraud lawsuit brought by real estate investment banking firm CapStack Partners over 2015 two real estate deals.

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Crowdfunding