Former B2B CFO Partner Settles Breach of Fiduciary Duty Lawsuit
Posted on Jan 01, 2016
Kenneth Kaufman, former partner of Jerry L. Mills and B2B CFO, has settled the lawsuit filed against him and three of his entities amidst various claims, including of breach of fiduciary duty. Mr. Kaufman was a partner at B2B CFO when he left in 2007 to form a new entity, CFOWise. The lawsuit against him accused him of using copyrighted intellectual property owned by his former employer at his new enterprise. As part of the settlement, Mr. Kaufman admitted to his improper conduct. He also agreed to pay the plaintiffs $220,000.
Mr. Mills and B2B CFO filed the lawsuit against Mr. Kaufman in 2009. The charges against him included:
- Copyright infringement
- Misappropriation of trade secrets
- Breach of fiduciary duty
- Lanham Act violations
- Federal RICO violations
While Mr. Mills points to Mr. Kaufman’s settlement and admission as evidence of the validity of his allegations, Mr. Kaufman stated that his “insurance company wanted to be done with it” and that the settlement was “an opportunity to put it behind us and move on.” Mr. Mills contends that intellectual property misappropriation is a serious problem and that other businesses should learn how to properly protect themselves. He further states that while he “detests” litigation, the copying of B2B CFO’s materials was so blatant that he was “forced” to bring the action against Mr. Kaufman and CFOWise.
Mr. Mills founded B2B CFO in 1987. The company services entrepreneurial, growth, and mid-market companies nationwide.
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