Payment of the legal fees was part of a judge’s ruling in a dispute between the two brothers over how the credit card payment-processing company was being run.
Lucas Price must pay his brother, Gravity Payments CEO Dan Price, $1.3 million in legal fees after a judge ruled last month in favor of Dan Price.
The two brothers engaged in a bitter three-week, court battle after Lucas Price filed a suit claiming his rights as a minority shareholder of the company were violated when Dan Price raised his own salary and used a corporate credit card for personal expenses.
A King County Superior Court judge found this was not the case and ordered Lucas Price to pay his brother’s legal fees.
The court issued a ruling Monday that Lucas Price must pay $1.3 million with a 12 percent interest rate. Documents show Dan Price’s primary lawyer, Paul Dayton, charged between $420 and $425 per hour.
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Gravity Payments, a credit card payment-processing company, rose to fame last year when Dan Price announced he would raise every employee’s salary to a minimum of $70,000.