Jesse Powell, co-founder of the cryptocurrency exchange Kraken, alleges discrimination by a San Francisco co-op board that blocked his purchase of a luxury apartment. Powell claims the board's actions were motivated by prejudice against the crypto industry and his political affiliations.
Kraken co-founder Jesse Powell has filed a lawsuit against the co-op board of a luxurious San Francisco apartment building, alleging discriminatory practices that blocked him from purchasing a home. Powell claims the co-op board at 2500 Steiner Street, a prestigious building in the Pacific Heights neighborhood, manipulated the process to prevent the sale, citing pretexts such as financial concerns and procedural delays.
Powell entered into a contract to purchase a unit in the building in September 2024. The agreement required standard approval from the co-op board and its shareholders. However, Powell alleges that once Bruce Golden, a prominent resident and shareholder, discovered his identity, the board became uncooperative and deliberately obstructed the sale. Initially supportive, Powell claims the board later raised unfounded concerns about his finances, even as he offered extensive documentation of his financial stability, including a willingness to prepay ten years of fees.Powell's legal team argues that the board's behavior reflects discrimination rooted in biases against the cryptocurrency industry as well as his political leanings. The complaint revealed that the co-op board shifted its rationale multiple times, ultimately citing an unexplained unanimous vote by shareholders to reject the sale. The Kraken founder further contends that this decision was driven by Golden's influence and the building's culture, which allegedly favors politically connected individuals and discourages outsiders – particularly those with unconventional business backgrounds like cryptocurrency. The lawsuit accuses the co-op of violating California's Fair Employment and Housing Act (FEHA) and the Unruh Civil Rights Act by discriminating against Powell based on his industry and perceived affiliations. It also alleged intentional interference with contractual relations and unfair competition. Powell is seeking compensatory and punitive damages, specific performance of the sales contract, declaratory relief, and enforcement of the agreement. He also argues that the board's actions not only deprived him of the opportunity to purchase a home but also reflect broader issues of exclusion and discrimination in San Francisco's luxury housing market
Law DISCRIMINATION LEGAL CASE CRYPTOCURRENCY SAN FRANCISCO LUXURY HOUSING
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seattle Kraken's 'Release the Kraken' Slogan Withdrawn Amid Trademark ConcernsThe Seattle Kraken's 'Release the Kraken' slogan was withdrawn due to an existing trademark held by Kraken Rum, highlighting the importance of trademark research and the potential for mutually beneficial agreements in branding.
Read more »
Sharks vs. Kraken Predictions: Can San Jose Keep the Momentum Going?The San Jose Sharks face the struggling Seattle Kraken. Despite their record, the Sharks have been a fun team to watch, while the Kraken have been disappointing, putting veteran goaltender Philipp Grubauer on waivers. Can the Sharks capitalize on Seattle's struggles?
Read more »
How to watch tonight’s San Jose Sharks-Seattle Kraken gameSan Jose Sharks face the Seattle Kraken at Climate Pledge Arena on Thursday
Read more »
San Francisco Board of Supervisors Elects Rafael Mandelman as PresidentRafael Mandelman becomes the first LGBTQ+ president of the San Francisco Board of Supervisors in over two decades.
Read more »
Mandelman Elected Unanimously as New San Francisco Board PresidentRafael Mandelman was unanimously elected as the new president of the San Francisco Board of Supervisors, marking a swift departure from the lengthy selection process in 2023. Mandelman, who represents District 8, was lauded for his ability to bridge ideological divides and foster unity on the board.
Read more »
Rafael Mandelman is San Francisco’s Board of Supervisors presidentRafael Mandelman has obtained his much-coveted position of board president; Myrna Melgar staved off an electoral slugfest by bowing out
Read more »