Willkie Farr & Gallagher has successfully prevented the former CEO of its client iPayment Inc. from quickly regaining his position by way of a preliminary injunction after he was fired in August by the company’s board.
A decision issued late last week by Manhattan Supreme Court Justice Barry Ostrager marks an initial victory for the firm in a dispute with Carl Grimstad, iPayment’s founder and former leader for nearly two decades. Grimstad filed a breach-of-employment-agreement lawsuit on Sept. 1, days after he both accused certain board members of potentially breaching fiduciary duties and was ousted as CEO of the payment processing company.
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