SEATTLE — A Seattle CEO who set a $70,000 minimum wage for all his employees is now being sued by his brother.

The Seattle Times reports Lucas Price accuses his brother and co-founder, Dan Price, in court documents of violating his rights as minority shareholder in Gravity Payments and breaching duties and contracts.

The complaints were initially signed March 13 and filed April 24, 11 days after Dan Price announced the pay raises for the 120 employees of Gravity Payments.

Attorney Greg Hollon, who represents Lucas Price, says the lawsuit is in response to a series of events over years not just the announcement.

The brothers co-founded the merchant-services company in 2004 and Dan Price became CEO in 2006.

A trial date is set for next May 3.

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The complaints were initially signed March 13 and filed April 24, 11 days after Dan Price announced the pay raises. Attorney Greg Hollon, who represents Lucas Price, said that while that announcement may play a role in the proceedings, it does not relate directly to the lawsuit.

“It was an aggregation of events over the course of years,” said Hollon about the case.

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During the restructuring, Lucas Price agreed to a minority interest and a reduced employee role, which let Dan Price continue as CEO. In the process, the brothers entered into several contracts, which limited Dan’s compensation as a CEO and protected Lucas’ minority-shareholder rights, court records show.

Lucas Price claims his brother excessively paid himself and deprived Lucas Price of his minority-shareholder benefits.

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