A King County Superior Court judge has awarded Gravity Payments CEO Dan Price $1.3 million in legal fees from his brother and business partner, Lucas Price — the latest development in a case involving the company known for instituting a $70,000 minimum salary for employees.
Lucas Price, the minority shareholder in the Seattle-based credit card processing company, filed the lawsuit last year, alleging that Dan Price awarded himself excessive compensation and worked against his brother’s interests.
After a three-week trial in downtown Seattle, Judge Theresa B. Doyle last month sided with the Gravity Payments CEO, declaring Dan Price “the substantially prevailing party on all of Lucas Price’s claims.”
In court papers following the ruling, lawyers for Lucas Price argued that the amount of attorney’s fees claimed by Dan Price and his lawyers was excessive, but Judge Doyle sided with Dan Price in the ruling this week.
GeekWire has contacted Lucas Price and a Gravity Payments representative seeking comment on the latest ruling.
Update: A Gravity Payments representative said, “As Dan has expressed in the past, he is open to finding common ground with Lucas, not just on this but in general. He loves his brother and he knows his brother loves him too. All this is very sad for him on a personal level, but he doesn’t have all the answers on how it may be resolved. It’s going to be a process.”
