IAC Loses Bid To Toss Suit Over Call Center Deal

Law360, New York (March 3, 2011, 7:36 PM EST) -- A New York appellate court on Thursday rejected IAC/InterActiveCorp's bid to toss a suit brought by an equity firm alleging the media giant misled it about the financial health of a call center operator it purchased from IAC for $277.6 million.

IAC had said that Diamond Castle Partners IV PRC LP lacked standing to sue because it had formed a separate entity, Panther, to facilitate its purchase of PRC LLC — which entered bankruptcy 14 months after the deal closed — but the New York Supreme...
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