SEC To Sue Harbinger After Settlement Talks Fizzle

Law360, New York (June 26, 2012, 11:09 PM EDT) -- The U.S. Securities and Exchange Commission has voted in favor of suing hedge fund Harbinger Capital Partners LLC and its founder Philip Falcone after settlement negotiations to resolve the regulators’ potential fraud claims failed, according to Tuesday news reports.

Harbinger, which said Tuesday that it is expecting the SEC’s lawsuit, will fight the SEC’s potential allegations, stemming partly from a loan Falcone took out from an affiliated special situation fund in October 2009, confidential sources told The Wall Street Journal. Harbinger is expected to argue that...
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