GLLLP secures settlement for former senior executive of public company

On February 9, 2022, the United States District Court for the Eastern District of New York (Ross, J.) approved a settlement agreement between GLLLP client Mahesh Shetty and his former employers SG Blocks, Inc., and Paul Galvin. The settlement resolved an action that GLLLP had brought on behalf of Mr. Shetty for wage violations, unfair retaliation, and breach of an obligation to indemnify Mr. Shetty in respect of certain unrelated third-party claims. The settlement included a substantial cash payment to Mr. Shetty, a grant to him of shares of SGB stock, and an obligation by SBG to indemnify and defend Mr. Shetty in respect of the third-party claims.