Real estate crowdfunding platform iFunding is paying $150,000 to settle a lawsuit brought against it by a shareholder.
The company agreed to pay the cash to Micheal J Turner who reportedly sought to dissolve the company. In return for the payments Turner will release the company and its founder William Skelley from any further claims.
Truner reportedly made a $100,000 investment in the firm in 2012 for a 20% ownership stake. However, he says he was frozen out of decision making and as a result sought damages. The court also ordered to iFunding to buy back his stake in the business.
Earlier in the year iFunding settled a fraud lawsuit brought against it by CapStack Partners, which sought $585,000 for damages. The case was reportedly settled quickly for a small amount.
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