Rick Fox Removed as Echo Fox General Partner; Forgoes All Management Duties and Ownership Stake
LOS ANGELES--(BUSINESS WIRE)--Oct 29, 2019--
Today Echo Fox announced that Rick Fox has given up all management responsibilities and his financial stake in Echo Fox as part of a settlement agreement. That agreement resolved, among other things, a dispute between Fox and over 95% of Echo Fox’s Limited Partners following an August 22 notice that Fox was being removed for cause from responsibility as Echo Fox’s General Partner.
In August, Vision Esports (comprised of several Limited Partners) filed a lawsuit against Fox in L.A. County Superior Court alleging he was “grossly negligent or committed willful misconduct in the performance of his duties,” “engaged in reckless and fraudulent self-dealing,” and “willfully or recklessly breached confidentiality agreements to which he was bound.” The Limited Partners further alleged Fox acted to block the sale of Echo Fox’s League of Legends slot to Evil Geniuses, the company that eventually won the slot through the Riot process, in favor of an offer that benefited him personally. The Limited Partners asked the court to prevent Fox from interfering with that sale process.
The settlement avoids further court action, removes Fox from Echo Fox, and allows the company to finally move on without the obstacles encountered during his control.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191029005782/en/
CONTACT: Andrew Joseph
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ENTERTAINMENT SPORTS OTHER SPORTS ONLINE FINANCE
SOURCE: Echo Fox
Copyright Business Wire 2019.
PUB: 10/29/2019 11:19 AM/DISC: 10/29/2019 11:19 AM