J2 Insiders Unjustly Enriched By $200M Investment, Suit Says

Law360 (September 24, 2020, 10:03 PM EDT) -- Digital media business J2 Global Inc. was hit with a shareholder derivative suit Thursday in Delaware Chancery Court claiming certain former or current insiders were unjustly enriched through the company's $200 million investment in another venture affiliated with them.

Stockholder International Union of Operating Engineers of Eastern Pennsylvania and Delaware asserts that J2's directors breached their fiduciary duty by authorizing the company's $200 million investment in a fund associated with Orchard Capital Corp., an investment venture founded by J2 chairman Richard Ressler. Orchard is "a firm through which Ressler 'oversees' companies in which he (through Orchard Capital and/or its affiliates) invests,"...

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