LOS ANGELES, June 14: Oscar-winning actress Susan Sarandon has filed a lawsuit against her former business manager alleging that he breached his fiduciary duty to her by recommending investments that benefited his family.
The lawsuit, filed on June 12 in Los Angeles Superior Court, claims that Richard Francis and his firm, Francis & Nachshon LLP, concealed material facts from Sarandon, such as personal and family connections to potential business opportunities, said the Hollywood Reporter.
Francis also allegedly “failed to diversify Sarandon’s portfolio, instead investing the majority of her assets in the real estate partnerships that he controlled and had a financial interest in”.
Sarandon claimed she terminated her relationship with Francis in 2013 and then sought to sell her interests, at which point she was “finally made aware of the negative attributes” and that the “investments were essentially illiquid”. (PTI)
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