Financial Cos. Seek Venue Change For Fraud Suit

Law360, New York (June 22, 2007, 12:00 AM EDT) -- Financial powerhouses Blackstone Group LP, Impala Partners LLC and Citigroup Inc. want a bankruptcy court to hear a case that accuses them of misrepresenting the value of bankrupt Winstar Communications prior to its sale to IDT Corp. for $42.5 million.

The companies filed a motion Thursday in the U.S. District Court for the Southern District of New York to move IDT's case to the U.S. Bankruptcy Court for the District of Delaware.

IDT has accused the financial companies of costing it more than $300 million by...
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