Key facts
- NEXA Lending CEO Mike Kortas and former partner Mat Grella have reached a global settlement.
- The agreement resolves all lawsuits between the two founders regarding company ownership and control.
- Grella will receive an undisclosed cash payment and a single asset as part of the settlement.
- Kortas now owns 100% of NEXA, with all ownership ties to Grella severed.
- A separate legal dispute involving former NEXA employee Kristine Wake is not included in this settlement.
NEXA Lending CEO Mike Kortas announced that he has reached a global settlement with former business partner Mat Grella, bringing an end to a multi-year legal dispute over the ownership and control of the brokerage and related entities. The agreement, finalized on Monday after mediation, resolves all lawsuits between the two co-founders.
Among the resolved disputes was a lawsuit where NEXA alleged Grella improperly interfered with the company's planned $24 million purchase of an Arizona hangar and office. A judge had previously dismissed that complaint without prejudice. Under the terms of the settlement, Grella will receive an undisclosed cash payment and a single asset, and both parties will dismiss all claims against each other.
Kortas stated that he now owns 100% of NEXA, and the settlement severs all remaining ownership ties with Grella, who previously held a 49.5% membership interest. Kortas estimated his own legal fees in the disputes to be around $4.5 million. He also clarified that this universal settlement does not include a separate, ongoing legal battle with former NEXA employee Kristine Wake.
Despite the legal turmoil, Kortas reported that NEXA's growth has continued, with the number of loan officers increasing from approximately 2,300 at the time of Grella's departure to about 3,700 currently.