November 4, 2009 – Crosby & Higgins LLP Files Fraud and Breach of Contract Action For Damages and an Accounting Arising out of Joint Venture Agreement

Crosby & Higgins LLP has filed an action in the Federal District Court for the Southern District of New York on behalf of its client seeking damages and an accounting arising out of the defendants’ alleged fraudulent actions in wrongfully excluding the client, a distinguished scientist with expertise advising the U.S. government on national defense issues, from a joint venture entered into by the parties.  The complaint alleges that the defendants, a New York based equity investment firm and its principals, agreed to work together with the Plaintiff as partners to secure licensing and ownership rights in connection with a valuable scientific pathogen detection testing technology. After the plaintiff performed his obligations under the parties’ agreement, the complaint alleges that the defendants wrongfully failed to share assets acquired through the efforts of the joint venture. The complaint seeks damages and an accounting based on claims for breach of contract, common law fraud, breach of fiduciary duty, unjust enrichment, quantum meruit, and promissory estoppel, as well as the imposition of a constructive trust and a formal accounting of the defendants’ books and records. The case is currently pending before the Honorable Judge Stein.