I'm an LP in both Calm and the fund, SureSwift, that's suing them, so I suspect I know as much as anyone external. Weirdly, the only information I've been able to glean is from Calm, but I did participate in the events personally that are part of the litigation.

The other fund, SureSwift, had some drama (founding GP left, replaced with a hired CEO who seems entirely competent), and SureSwift shortly after sued Calm and the former GP. I never got a good picture what happened internally, but there certainly was a falling out.

Speaking personally, the lawsuit seems like a giant waste of time and I haven't heard anything that makes me think Calm actually did anything wrong. I've asked, and got very confusing empty responses from SureSwift. I wish I knew more, since I love this space (calm companies, micro PE, etc) and am personally invested on both sides.