The two-and-a-half-year-old struggle between Navellier Investment Management of Reno, Nev. and two former independent fund directors is once again heating up with lawsuits being filed by both sides. Navellier has filed a new lawsuit against one former fund trustee who has reciprocated with his own lawsuit. A second former trustee is contemplating filing a similar lawsuit.
The most recent round of lawsuits began on Sept. 17 when Navellier Management and Louis Navellier, the firm's founder, filed a lawsuit against former Navellier fund independent trustee Kenneth Sletten. The suit was filed in California superior court in San Mateo county. This is the second lawsuit Navellier has filed in two years naming Sletten, a resident of Woodside, Calif., as a defendant.