Real estate crowdfunding platform iFunding said on Wednesday it has paid $150,000 to settle a lawsuit case filed by shareholder Michael J. Turner in the Delaware State Court. As a result, the company has been released of all claims.
According to Turner’s claims, iFunding co-founders William Skelley and Sohin Shah have violated their operating agreement. The plaintiff sought the “dissolution of iFunding and an appointment of a liquidation trustee”, as well as monetary damages and a court order mandating the purchase of his 20-percent stake.
“On behalf of the company and myself, we are glad to get this suit behind us and for reasonable terms,” said Skelley.
Skelley is a CEO of iFunding, while Shah is no longer part of the company.
iFunding is a brand name of Innovational Funding LLC. It is a commercial real estate crowdfunding platform where owners can access equity and debt financing from accredited ivestors.