A Texas-based developer of multi-family investment properties has agreed to voluntarily dismiss claims it brought against a California investment adviser seeking to recover hundreds of thousands of dollars in referral fees it paid to the adviser. Internacional Reality, Inc. (“IRI”), represented by Fulbright & Jaworski, sued Don Ferrari and two companies owned by him, claiming that Ferrari wrongfully accepted referral fees. Ferrari countersued, claiming that IRI had failed to pay him over a million dollars in additional fees for referrals Ferrari made to IRI.
After eighteen months of hotly contested litigation, and a federal court ruling on summary judgment, IRI and Ferrari mutually agreed to dismiss all claims and counterclaims. Ferrari was represented by David Prichard of the San Antonio firm Prichard, Hawkins, McFarland & Young.