Thanedar settles business fraud lawsuit four days before trial
Former Michigan Democratic gubernatorial hopeful Shri Thanedar has reached an agreement with plaintiffs to avoid trial in a business fraud lawsuit alleging he inflated the value of a company he sold in 2016.
U.S. District Judge Gershwin Drain dismissed the case Friday, citing a notice from Thanedar and Avomeen Holdings LLC that they had reached an agreement to resolve the matter out of court.
The trial had been set to start Tuesday in Detroit, where Thanedar recently moved as he contemplates another political run.
Avomeen had claimed economic damages of approximately $7 million to $8 million in the sale, which netted Thanedar roughly $20 million. Thanedar disputed any wrongdoing and filed a counter claim seeking damages of at least $2.5 million, according to court records.
Read more: https://www.detroitnews.com/story/news/politics/2019/08/05/thanedar-settles-business-fraud-lawsuit-four-days-before-trial/1920524001/
