Key facts
- Better voluntarily dismissed its federal securities lawsuit against founder Vishal Garg on Oct. 5.
- The dismissal means Better cannot refile the same claims against Garg.
- Garg announced on Oct. 5 that shareholders had backed his effort to remove five directors.
- Better appointed Linda Yaccarino as an independent director on Oct. 15.
- Director Paula Tuffin resigned from the board on Oct. 22.
Better Home & Finance Holding Co. has voluntarily dismissed its federal securities lawsuit against founder Vishal Garg, according to a court filing dated Oct. 5. The dismissal, filed in the U.S. District Court for the Southern District of New York, means Better cannot refile the same claims against Garg. The lawsuit stemmed from a dispute over Better’s leadership after Garg was removed as CEO in early August. Garg announced on Aug. 13 that he was seeking to regain control of the company, securing support from shareholders representing a majority of its voting power. Better sued Garg on Aug. 18, accusing him of violating federal securities laws during his effort to regain control. On Oct. 5, Garg announced that shareholders had backed his effort to remove five directors, and Better announced it would not challenge his consent solicitation. Subsequently, Better appointed Linda Yaccarino as an independent director on Oct. 15, and director Paula Tuffin resigned on Oct. 22.