Idealab wins legal tussle

Dawn Kawamoto Former Staff writer, CNET News
Dawn Kawamoto covered enterprise security and financial news relating to technology for CNET News.
Dawn Kawamoto
Idealab on Monday announced it won a major round in its legal battles with an investor group, when a Superior Court judge dismissed all remaining significant claims against the company and prohibited the investor group from amending its complaint. Idealab, founded by tech luminary Bill Gross, funds start-ups and provides operational support.

Idealab's investors hit the incubator company with a lawsuit in early 2002, demanding that money they invested in a funding round be returned. The judge dismissed the investor group's claims without leave to amend. Previously, the plaintiffs filed three amendments to their complaint, in which the court dismissed the substantive causes but allowed them to amend their lawsuit.