PE Fund Sues Bank For $10M Over $4M Asset Freeze

Law360, New York (June 13, 2012, 6:27 PM EDT) -- The Lebanon branch of European private equity firm Iris Capital Management LLC on Wednesday sued Audi Saradar Private Bank SAL in New York state court seeking $10 million in damages for the improper freezing of $3.9 million in Iris Capital assets in connection with an SEC probe.

Audi Saradar froze $2.6 million in cash and about $1.3 million in bonds in accounts Iris Capital and founder Antoine Khalife held for the purposes of trading on U.S. exchanges after the SEC announced that it was investigating the...
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