Embattled venture capitalist Justin Caldbeck (pictured) is suing his former co-Binary Capital founder Jonathan Teo, alleging breach of contract, fraud and more.
Caldbeck, accused of sexual harassment and unwanted sexual advances in 2017, took an indefinite leave of absence from Binary Capital, leaving to Teo all the responsibilities of the $175 million fund. Shortly after, Teo offered to step down in a last-ditch effort to keep the firm afloat. Ultimately, Binary Capital shut down and New York venture capital firm Lerer Hippeau assumed responsibility for its $125 million debut investment vehicle, 70 percent of which has been deployed, per details shared in the lawsuit. [ Tech Crunch ]