USA Tech Sues Top Investor For Ripping Board In Proxy War

Law360, New York (May 3, 2012, 2:55 PM EDT) -- Electronic payment company USA Technologies Inc. sued its largest shareholder group in Pennsylvania federal court Thursday, claiming it violated a contract by publicly criticizing the company's incumbent board members and threatening a hostile takeover.

SAVE Partners IV LLC, which claims to hold about 9 percent of USA Technologies’ shares, announced in a press release Monday that it had nominated seven people with “better qualifications and more experience” to take control of the company’s nine-member board. A vote on the nominations is set to take place at...
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