Shareholders Seek To Reclaim Cityhub Search Patent

Law360, New York (July 1, 2009, 12:00 AM EDT) -- Shareholders of defunct local search service provider Inc. are accusing the company's former director of breaching his fiduciary duty by dissolving the company and assigning a valuable company-owned patent to another company he controlled without the shareholders' consent, and then infringing the patent by using it to obtain settlements with Verizon Communications Inc. and Idearc Information Services inc.

Cityhub filed an amended complaint Wednesday in the U.S. District Court for the Eastern District of Texas.

Reinstated as a corporate entity by its shareholders, Cityhub alleges...
To view the full article, register now.