Ex-Yankee Jeter faces fraud trial in dispute with underwear maker
Source: Reuters
World | Tue Jul 19, 2016 5:59pm EDT
Ex-Yankee Jeter faces fraud trial in dispute with underwear maker
WILMINGTON, DEL. | BY TOM HALS
Former New York Yankees baseball star Derek Jeter must face a trial over claims he defrauded the Swedish company that makes $100 Frigo brand underwear out of millions of dollars, a judge ruled on Tuesday.
The former All-Star shortstop has been locked in a legal dispute with RevolutionWear, a maker of luxury underwear that brought Jeter on as a director and investor with a 15 percent stake in 2011. The company alleges that he reneged on a promise to promote the brand and publicize his role as co-founder.
The judge, Vice Chancellor Sam Glasscock, found that Jeter must defend allegations that he fraudulently induced RevolutionWear into an agreement by concealing terms of an endorsement deal with Nike Inc.
Tuesday's ruling clears the way for a trial over allegations that Jeter fraudulently induced RevolutionWear to bring him on its board, and that Jeter breached his fiduciary duty as a director to act in the interests of the company's investors.
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