Fabbio, TL Ventures square off in court

Serial entrepreneur and investor Robert Fabbio will know soon whether he’ll be able to keep a multimillion dollar dispute with a national venture capital firm in a court as he wants or if it will be pushed into arbitration — a process that could would put him at a tremendous disadvantage.

Fabbio and two others are suing TL Ventures, the Pennsylvania-based VC firm that previously operated an Austin office, over fund distributions that the firm wants returned, according to the lawsuit filed in Travis County District Court in December 2008.

The suit asks the court to declare that TL Ventures isn’t entitled to force Fabbio or the other plaintiffs to return any money until the firm’s venture capital funds are dissolved and until the plaintiffs review certain records kept by TL Ventures.

In addition to Fabbio, who is now CEO of WhiteGlove House Call Health Inc., the suit includes Stephen Andriole, a former TL Ventures principal, who is being asked to repay $253,000; and Stanley Tims, a former TL Ventures managing director.