Harbinger Pays Nacco $60M To End Takeover Row

Law360, New York (February 16, 2011, 7:16 PM EST) -- Harbinger Capital Partners has paid $60 million to Nacco Industries Inc. to settle allegations the hedge fund interfered with Nacco’s planned merger with Applica Inc. and made fraudulent filings in the lead-up to its challenge for the company.

In a regulatory filing Monday, Nacco disclosed that it agreed to drop its contract tort claims against Applica and shareholder Harbinger after the hedge fund offered $60 million to settle the long-running suit.

“The parties are pleased to report that they have reached an amicable resolution to the...
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