RomaPress – A lawsuit involving former Roma President James Pallotta and several of his Raptor Group partners was dismissed late Thursday by an American court.
It signals an end to the fifteen-month long case, which was filed last April by multiple former minority shareholders of Roma.
The group accused Pallotta, along with his business partners Michael Ruane and Richard D’Amore, of breaching their fiduciary duties and failing to disclose information concerning the prospective sale of the club.
They also claimed that the trio unfairly benefitted from the sale of the club while minor investors were adversely and negatively impacted.
Vice Chancellor Paul Fioravanti of Delaware’s Court of Chancery tossed all five counts against the group, granting a motion by Pallotta’s attorneys to toss all five counts against group.
In his decision, Fioravanti wrote that the Plantiff’s claims “failed to adequately allege a breach of duty” and that their assertions of being adversely impacted by the sale of the club are not “reasonably conceivable.”
The dismissal of the case officially brings an end to the final pieces that connected Pallotta to Roma, whom he owned for nearly a decade.
Following the sale of the capital club to The Friedkin Group in August 2020, Pallotta expressed interest in getting back into the world of football rather quickly.
As of today, however, this has not happened.