TD Bank Sues PE Chief's Widow Over $16M In Unpaid Debts

Law360, New York (August 9, 2012, 2:16 PM EDT) -- TD Bank NA on Wednesday sued the widow of Frank Pearl, founder of private equity firm Perseus LLC, to recover $16.25 million he owed as guarantor of loans made to Perseus and allegedly sought to avoid before his death by transferring $300 million of his interest in the firm to his wife.

Frank Pearl, knowing that his death was imminent, allegedly set up a secret trust to convey all of his interests in Perseus, plus the real estate and antiques assets he had cited when signing...
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