New York appeals court revives FanDuel founders’ lawsuit
New York’s Court of Appeals ruled on Thursday that a lawsuit brought by 130 FanDuel founders and former employees can proceed under Scots law. The plaintiffs allege FanDuel and two private equity firms undervalued the company before its 2018 merger; the court said they had sufficiently pleaded claims for breach of fiduciary duty.
The ruling allows the founders’ and former employees’ claims over FanDuel’s valuation and alleged fiduciary breaches to proceed.