Mar-Lees owners squabble in court; suit accuses former CEO John Lees of kickbacks, racketeering
A legal fight has broken out among the owners of Mar-Lees Seafood in New Bedford. A group of investors bought out most of Mar-Lees from John Lees in 2010. Lee’s returned for a while as CEO, but left in early 2013. On Friday, a civil suit was filed in federal court in Massachusetts by this group and its successor companies against John Lees, former CEO of Mar-Lees, and the seller of the company in an asset sale in 2010.
The suit claims that Lee’s violated the terms of the purchase and sale. $12 million of the purchase price - more than half the total - was for goodwill including the value of customer relationships, and non-compete clauses from Lees and other sellers.
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Mar-Lees owners squabble in court; suit accuses former CEO John Lees of kickbacks, racketeering
A legal fight has broken out among the owners of Mar-Lees Seafood in New Bedford. A group of investors bought out most of Mar-Lees from John Lees in 2010. Lee’s returned for a while as CEO, but left in early 2013. On Friday, a civil suit was filed in federal court in Massachusetts by this group and its successor companies against John Lees, former CEO of Mar-Lees, and the seller of the company in an asset sale in 2010.
The suit claims that Lee’s violated the terms of the purchase and sale. $12 million of the purchase price - more than half the total - was for goodwill including the value of customer relationships, and non-compete clauses from Lees and other sellers.
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