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Venture capitalist David Lee has sued former partner Ron Conway for millions of dollars Lee feels is being improperly withheld by Conway, according to a complaint filed last week in Marin County Superior Court.

Why it matters: Lee and Conway co-founded one of Silicon Valley's most prominent seed investing firms, backing such companies as Airbnb, Pinterest and Snapchat. But their split in 2015 was not nearly as amicable as initially portrayed, and now threatens to get even uglier via litigation.

Backstory: Lee is the former managing partner of SV Angel which he co-founded with Conway, a Silicon Valley investing legend, having pumped early money into companies like Google and PayPal.

In 2015, Lee left SV Angel in what was publicly portrayed as an amicable split – born largely of geography (Lee had moved his family to Los Angeles, and was tired of commuting north). Behind the scenes, however, Conway felt that Lee had been pilfering SV Angel funds (albeit legally, via "fee waiver" agreements Lee had included in fund documents that Conway never read too carefully). I detailed the entire saga in a May 2016 story for Fortune that is featured prominently in Lee's complaint.

Complaint: Lee, who now runs a firm called Refactor Capital, is suing Conway for breach of contract and payment of the estimated $3.5 million he says he's owed via the settlement agreement reached upon his departure ($1.5m of which he claims Conway is holding in escrow). Lee also wants declaratory relief, which could address the $15 million to $20 million he expects to be owed in the future, once companies like Airbnb go public.

Lee's statement to Axios: "When I left SV Angel, Ron Conway and I reached a settlement regarding my departure. Many of the terms we agreed upon were proposed by Ron. I wish Ron no ill will. I simply want him to honor the agreement we signed."

Conway's statement to Axios: "In connection with his departure, the SV Angel funds and David entered into a settlement agreement. Recently a dispute has arisen regarding compliance with some settlement agreement terms. Before we could resolve our differences David filed a lawsuit insisting upon money that SV Angel does not believe he is entitled to receive. It is very disappointing that David is trying to pressure SV Angel to pay monies that do not belong to him, and the SV Angel funds intend to vigorously defend against David's meritless claims."

Go deeper

Scoop: Former OMB director to set up Pro-Trump think tanks

OMB Director Russ Vought parfticipates in a photo-op for the printing of President Donald Trumps budget for Fiscal Year 2020 at the Government Publishing Office in Washington on Thursday, March 7, 2019. (Photo By Bill Clark/CQ Roll Call)

Russ Vought, who led Donald Trump's Office of Management and Budget, plans to announce two pro-Trump organizations Tuesday, aiming to provide the ideological ammunition to sustain Trump's political movement after his departure from the White House.

Why it matters: The Center for American Restoration and an advocacy arm, America Restoration Action, will try to keep cultural issues that animated Trump’s presidency on the public agenda, according to people familiar with the matter.

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

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Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.