The lawsuit targeted Sport-BLX, its executives—including George Hall and Joseph De Perio—and its parent company, GlassBridge Enterprises, alleging unjust enrichment, minority shareholder oppression, and breach of the implied covenant of good faith and fair dealing.
Judge’s Decision and Ongoing Litigation
Judge Schofield’s ruling primarily trimmed the derivative claims from the suit, noting that both the direct and derivative claims arise from the same set of facts, making it impossible for Cypress to fairly pursue both. The court allowed several direct claims to proceed, while dismissing those that conflicted with the derivative claims.
Cypress Holdings $1M Fraud Suit : Legal Representation
Cypress is represented by Alexander M. Dudelson. Sport-BLX and its executives, along with Clinton Group and GlassBridge Enterprises, are represented by firms including Morvillo Abramowitz Grand Iason & Anello PC, Loeb & Loeb LLP, and Cole Schotz PC.
The case continues as Cypress pursues its direct claims, though Judge Schofield’s ruling may influence the scope of the remaining allegations.
