Four Saudi nationals have filed a breach-of-contract lawsuit in federal court in Connecticut accusing a relative and managing member of an investment company of not securing opportunities for them and not returning $1.5 million they placed with the firm.
The nine-page lawsuit, filed Wednesday in U.S. District Court for the District of Connecticut in Bridgeport, asserts that Glenville, Connecticut, resident Faris Alnablusi did not properly follow up securing investment prospects in the Middle East and North Africa. Plaintiffs Meshal Alsudairy, Elham Alazab, Sarah Alsudairy and Reema Alsudairy said they are owed the $1.5 million they invested in the Colorado-based Worthbridge International LLC.
The lawsuit states that the “term sheet provided by the investor’s money will be returned to the investor in the event that the company cannot or does not offer the investment on the terms set forth in this term sheet.” The plaintiffs, the lawsuit says. transferred $1.5 million to a bank account owned by Worthbridge in 2008.
According to the lawsuit, the written agreement between the parties stated that the monies would be used “for normal working capital and other operations” of the then-proposed company called Worthbridge International and that the company would be owned 50 percent by the investors, or the plaintiffs in the case, and 50 percent would be managed by Worthbridge, or Alnablusi.
On several occasions from 2011 through April 2018, the lawsuit maintains that Alnablusi provided written assurances to the plaintiffs that Worthbridge was “diligently working on an investment opportunity, and that defendants would send progress updates and documentation concerning same.” That documentation, though, never came about, the lawsuit contends. The plaintiffs said, instead, they got nothing for their investment and accuse their relative of not returning their investment per their agreement. The lawsuit does not say how the plaintiffs and defendant are related only that they are related by blood or marriage.
The lawsuit says Alnablusi “used his control of Worthbridge to perpetuate Worthbridge’s wrongful refusal to account to the plaintiffs in contravention of his statutory duties and plaintiffs’ legal rights.”
The lawsuit cites five counts: breach of contract; breach of fiduciary duty; unjust enrichment; conversion; and imposition of a constructive trust.
The lawsuit says Alnablusi “possessed unique and superior knowledge and skill regarding the investments contemplated by the parties” and “had a duty to represent the interest of the plaintiffs with regard to the investment.”
The lawsuit seeks return of the $1.5 million investment, attorney fees and pre- and postjudgment interest according to law.
The plaintiffs are represented by Frederica Miller of the Law Office of Frederica L. Miller. Miller declined to comment Thursday.
As of Thursday morning, the defendant had not been assigned an attorney.
The case is set to be heard by Judge Victor Bolden.