SAN FRANCISCO – Venture Capitalist William Tai and his former employer, the Walden Group of Venture Capital Funds, were slated to enter settlement negotiations in mid-December concerning a lawsuit Walden filed last fall against Mr. Tai, said the defendant’s attorney Robert Bunzel.
As a result, Mr. Tai postponed submitting a response to the lawsuit that initially had been due in mid-November. Walden’s suit alleges that Mr. Tai, now a partner at Institutional Venture Partners (IVP), had inappropriate dealings involving stocks in two Walden portfolio companies and that he began working for IVP before officially departing Walden (VCJ, December 1998, page 5). Specific damages were not named in the complaint.
Walden founder Art Berliner had no comment about the suit’s development, and neither IVP founder Reid Dennis nor Mr. Tai could be reached for comment by press time.