A resolution has been reached between a professional networking club in Atlanta and the financial company that acquired it in 2022. The CEOs of Greenwood, Ryan Glover, and The Gathering Spot, Ryan Wilson, announced the settlement in a joint statement on Monday.
In their statement, the two parties expressed regret over the distraction caused by the recent dispute and apologized for the public discussion surrounding the matter. They emphasized their commitment to working together for their communities and customers, upholding the highest standards.
The partnership between Greenwood, a Black-owned digital banking platform, and The Gathering Spot, a networking club catering to Black professionals, was established in 2022 when Greenwood acquired the club. However, the former owners of The Gathering Spot filed a lawsuit against Greenwood’s CEO Ryan Glover and board member Paul Judge, claiming that the fintech company still owed them money.
According to the complaint, the defendants had a fiduciary duty to the former TGS (The Gathering Spot) Unitholders and were aware of Greenwood’s contractual obligation to pay substantial amounts under the Purchase Agreement. However, the plaintiffs alleged that instead of honoring this obligation, the defendants paid themselves a bonus, in violation of their fiduciary duties.
While the terms of the settlement were not disclosed, both parties expressed a commitment to continue their work together for the benefit of their community. Greenwood’s mission, as stated by CEO Ryan Glover, is to support financial freedom and economic prosperity for the Black community, and the acquisition of The Gathering Spot was made with this shared vision in mind.
The Gathering Spot, established in 2016, seeks to provide a positive work environment for Black professionals, while Greenwood offers a range of financial services, including debit cards and savings accounts. The acquisition of TGS by Greenwood was made for $50 million in 2022.
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