LEXINGTON, Ky. (AP) - A father-and-son management team have filed a lawsuit against the owners of a Kentucky horse breeding operation, claiming they were defrauded out of (m) millions of dollars.
ClassicStar, ClassicStar Farms and GeoStar Corporation filed a complaint against David Plummer and his son, Spencer, yesterday in U-S District Court in Lexington. An attorney for the Plummers says the blame for what went wrong in ClassicStar's breeding operations lies instead with GeoStar.
The complaint accuses the Plummers of fraud and breach of contract, along with fiduciary duty. Examples of fiduciaries are agents, executors, administrators and officers of corporations.
Investors say ClassicStar leased far more mares than it actually owned and that some of the thoroughbred foals they invested in were quarter-horse embryos. Others say they were encouraged to exchange their interests in the mare program for shares in oil and gas, controlled by GeoStar. The complaint against the Plummers was filed as part of a federal lawsuit brought by former investors.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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