Phoenix Partners founders Wesley Wang, Marcos Brodsky and Nicholas Stephan have dropped their defamation lawsuits against IDX Capital's principal, James Cawley. The trio previously worked for Cawley at Axiom Global Partners and claimed that he defamed them to Forbes magazine to gain an advantage in litigation between Axiom and their new business, Phoenix.

"As people know, the allegations made against me in the two lawsuits were cruel, unsubstantiated and without merit," Cawley comments. "The court recognised this by throwing out the core allegations over a year ago. I'm encouraged that Messrs Wang, Stephan and Brodsky have now decided drop the remainder of the lawsuits and move on."

Cawley and IDX Capital countersued Phoenix and Wang in February 2007.