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Ex-Interpublic Group CEO Geier Sues Mozido Over Option Fight

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Ex-Interpublic Group of Cos. Chief Executive Officer Philip Geier Jr. sued his former colleagues on the board of Mozido Inc. for refusing to honor an agreement allowing the millionaire advertising executive and Republican activist to buy a stake in the mobile payment-system maker.

Geier, who serves as an adviser to potential presidential candidate John Kasich, accused Mozido directors Tuesday of maneuvering to keep him from exercising an option to buy 1 percent of the closely held software company’s shares, according to a Delaware Chancery Court lawsuit. Geier said he got the option by agreeing to serve on Mozido’s board.