Medallion Film LLC v. Loeb & Loeb LLP
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In 2014, plaintiffs Medallion Film LLC and Pelican Point Capital Partners entered into a consulting fee agreement with Clarius Capital Group, managed by William Sadleir. The agreement stipulated that Medallion Film and Pelican Point would assist Clarius in obtaining funding for film projects, and Clarius would pay them a portion of any funding obtained. However, it is alleged that Sadleir dissolved Clarius and its affiliate and subsidiary entities in 2015 and formed a new set of corporate entities under the name Aviron with the assistance of the law firm Loeb & Loeb.
The plaintiffs allege that Sadleir controlled both the Clarius and Aviron entities and transferred Clarius’s assets to the Aviron entities. Aviron later obtained a loan for its film projects from BlackRock, which Medallion Film and Pelican Point claim they were entitled to a portion of under their agreement with Clarius. However, Sadleir denied any affiliation between Aviron and Clarius and said he was solely an employee of Aviron.
The plaintiffs sued Loeb & Loeb in December 2021, alleging causes of action for fraudulent misrepresentation, deceit by concealment, negligent misrepresentation, aiding and abetting fraud, and violating California Business and Professions Code section 17200. Loeb & Loeb filed a special motion to strike the first amended complaint as a strategic lawsuit against public participation under section 425.16. The trial court granted the special motion to strike.
However, the Court of Appeal of the State of California Second Appellate District Division Eight vacated the judgment, reversed the order granting the special motion to strike, and remanded with directions to enter a new order denying the motion.
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