Blackstone Sues Taro For $6M In Unpaid Merger Fees

Law360, New York (March 4, 2011, 8:23 PM EST) -- Investment firm Blackstone Group LP sued Taro Pharmaceutical Industries Ltd. Friday requesting $6 million in fees for advisory services provided prior to Taro’s hostile takeover by Sun Pharmaceuticals Industries Ltd.

The suit, filed in the Supreme Court of the State of New York, County of New York, alleges that Israel-based Taro breached an agreement with its advisory firm when it failed to pay $6.4 million in capital raise fees.

Mumbai-based Sun acquired control of Taro in September 2010 after a New York district court threw out...
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