Business associates to clash in court

A financial planner’s lawsuit against two business partners who helped him start one of the few mutual funds managed in the Capital Region is set for trial Monday in state Supreme Court.

Louis Morizio is suing partners Greg Roeder and Matt Reiner, as well as Adirondack Research and Management Inc., which they founded in 2005, over compensation, according to a January court ruling by acting Supreme Court Justice Richard Platkin.

Adirondack Research and Man-

agement Inc., known as ARMI, was formed in 2005 to be an investment advisor to the Adirondack Small Cap Fund, a mutual fund. Morizio, represented by attorney Matthew Wagoner, contends all parties knew he performed services for the defendants since December 2006 and “were aware that he expected compensation for such services,” Platkin’s January ruling said.

In turn, Roeder and Reiner contend the services for which Morizio wants compensation were done either in exchange for his shares of ARMI stock or in his capacity as a stockholder, the judge stated.

“In this connection, defendants cite securities and other regulatory filings that do not identify Morizio as an employee of ARMI and represent that Morizio had no day-to-day duties for the corporation,” the judge stated. “Defendants further argue that Morizio has failed to establish the reasonable value of any such services rendered to the corporation.”

Opening arguments could begin as soon as Monday.