Joaquin Altenberg must pay $1.72 million in legal fees for egregious fraud and misrepresentation


*Alert: update to story here:

Joaquin Altenberg was made liable for $1.72 million in plaintiffs’ legal fees, plus interest based on a court finding of “egregious fraud and misrepresentation” and “serial misconduct” on Altenberg’s part during a lawsuit he lost in Delaware.

The decision let stand findings by the vice chancellor that proceedings against Joaquin Altenberg and Vert Solar Finance LLC “proved that Altenberg breached his fiduciary duty of loyalty” while managing a development fund — Vert Solar Fund I LLC — for midsized solar power projects. He also was found to have “engaged in self-interested transactions, and failed to prove that his actions were entirely fair.”

Signup for the USA Herald exclusive Newsletter

Several months after the Chancery Court decision, in December 2020, the vice chancellor approved an order declaring Altenberg liable to the fund for $4.43 million in damages. The figure included nearly $2.4 million in management fees improperly paid to Altenberg-controlled Vert Solar Finance, $1.25 million for funds improperly held by Vert Solar Finance, and additional funds for improperly received development fees and legal fees improperly advanced from the business.