(Photo: Marian Weyo/Shutterstock.com)Litigation Funder Sues Texas Plaintiffs Lawyer for $5.7M Over Alleged Failure to Repay
Houston litigation funder Series 1—Virage Master alleged in a lawsuit that Sulphur Springs lawyer B. Gregg Price owes $5.74 million in principal and interest on a 2015 loan.
October 11, 2019 at 04:52 PM
2 minute read
A Houston litigation funder is seeking $5.74 million from Sulphur Springs personal injury lawyer Gregg Price in a suit alleging he has not paid back a penny of a 2015 loan.
In the petition filed Wednesday in state district court in Harris County, Series 1—Virage Master, the litigation funder, alleged that it loaned $3,250,647 to Price on July 21, 2015, for business expenses. They agreed that Price would provide Virage Master with quarterly case status updates, the funder alleged, but he has not done so since October 2018 despite "repeated requests."
Additionally, Virage Master alleged in the petition, Price and his firm have settled lawsuits that comprise a part of the collateral for the loan, and they are required to pay Virage Master 50% of their interest in the settlement proceeds.
"Defendants have failed, however, to comply with the terms of the note because they have either retained the entirety of the settlement proceeds and/or failed to transmit up to 50%," the funder alleged in the petition.
Virage Master alleged that Price and his firm have "utterly refused to comport with their obligations," and that the entire amount of the loan is outstanding, along with interest, bringing the total outstanding to $5,742,448.
Price could not immediately be reached for comment. Neither could Ashish Mahendru, a Houston lawyer at Mahendru P.C. who represents Virage Master.
Virage Master brings a breach of contract cause of action against Price and his firm, and seeks a declaratory judgment that it is entitled to a declaration of its rights in connection with the loan and is additionally entitled to attorneys' fees.
Mahendru represented a related Virage Master entity in a similar suit also filed in Harris County. In August, a judge in Harris county signed a final summary judgment awarding the related fund, Series 5—Virage Master a $2.4 million judgment against a Missouri law firm that allegedly failed to make any payments on a $1.4 million loan.
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Houston Litigation Funder Wins $2.4M in Dispute With Missouri Law Firm
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