Susan Sarandon and her former business manager have settled the actress’ lawsuit alleging the defendant recommended she invest in a series of real estate partnerships without disclosing that he had a conflict of interest.
Lawyers for the 69-year-old Sarandon filed court papers on June 8 with Los Angeles Superior Court Judge Holly Kendig stating that the Oscar winner’s lawsuit against Richard Francis and his company, Francis & Nachshon, LLP, was resolved. No terms were divulged.
The complaint was filed in June 2014 and the allegations included negligence and that Francis put his interests ahead of those of Sarandon.
The suit alleged that Francis placed most of Sarandon’s assets into real estate partnerships in which he had control and a financial interest. Sarandon further alleged that Francis convinced her to invest in his real estate ventures without telling her that he needed capital to fund the acquisition of the properties.
Sarandon’s investments earned Francis millions of dollars, the suit alleged.
Sarandon said she was not aware of any potential conflict of interest by Francis until after she stopped using Francis’ services in 2013.
She later learned that if she were to sell the partnership interests, she would have to do so at a rate substantially below market value, the suit alleged.
Sarandon won the best actress Academy Award for the 1995 film “Dead Man Walking.”
—Staff and wire reports
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