Galveston judge dismisses Bank of America from financial misconduct case
EDITOR'S NOTE: In an update on the case from defendant Justin Wright on Nov. 7, 2011, this case was resolved amicably without going to court. The litigation was the result of a dispute over a buy-out and use of the company name which was "blown out of proportion" by both parties. The former partners resolved their differences, and Wright retains the rightful use of the Wright Industrial Safety company name.
GALVESTON - An acting local judge recently granted James Brandon's motion to non-suit Bank of America Corp. without prejudice.
On May 18, Former Galveston County Court at Law No. 3 Judge Roy Quintanilla signed an order dismissing the financial institution from Brandon's lawsuit claiming financial misconduct committed against his business
Brandon is suing his business partner Justin Richard Wright for allegedly pocketing funds intended for the company's vendors and creditors.
He filed the suit April 20 before the Galveston County 10th District Court.
The original petition accuses Wright of diverting approximately $200,000 from the coffers of his and Brandon's business, Wright Industrial Safety LLC, to his personal savings account with Bank of America.
Brandon claims Wright took the funds before they could be placed into the company's account.
"(That) caused third party creditors' checks to bounce and resulted in unnecessary costs and expenses upon the company," it states.
"As such, Justin Wright purposely and deliberately converted funds belonging to Wright Industrial Safety LLC, including those belonging to James Brandon individually."
An investigation determined that the defendant siphoned in excess of $199,474.
Bank of America was named a defendant because it serves as Wright's bank.
According to the motion, the bank "is not a real party of interest, only a stakeholder."
Brandon and Wright, who are in the midst of settlement negotiations, request Bank of America's dismissal to the issuance of an order requiring it to place the sum of $100,000 into the court's registry.
The money remains there until either a settlement is reached or final judgment.
Case No. 11-cv-0667