A Ropes & Gray litigation team secured a dismissal with prejudice of a $30 million lawsuit against leading global venture capital firms Bessemer Venture Partners and Mayfield Fund LLC, arising from a pre-IPO dispute concerning who is entitled to equity in the fast-growing internet company Matrimony.com, an India-based company that provides marital matching services for the Indian community.
Plaintiffs brought a half dozen claims in New Jersey state court against Bessemer and Mayfield, all predicated on the theory that the venture capital firms had conspired with the founder to orchestrate a series of corporate actions designed to extinguish the plaintiffs’ equity interest in Matrimony.com, including the acceleration of IPO plans this year.
The New Jersey Court dismissed the complaint with prejudice as to the venture capital defendants, giving a complete victory to Bessemer and Mayfield. The case is proceeding against the remaining defendants, represented by Shearman & Sterling and other firms.
The team included litigation associates Thomas Brown and Jacob Scott.
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