US Lodges $6M Contract Suit Against PE Firm L Capital

Law360, New York (February 7, 2012, 1:06 PM EST) -- The U.S. Small Business Administration filed a $6 million breach of contract suit in New York on Monday against private equity firm L Capital Partners SBIC LP, claiming it failed to keep the required amount of capital.

The SBA said it gave L Capital, a Delaware-incorporated PE firm based in New York, more than $96 million in leverage and loans to invest in U.S.-based small businesses. The firm was licensed under the Small Business Investment Act, and it agreed to comply with the provisions of the...
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