Harbinger Fires Back At Suit Over $3B LightSquared Deal

Law360, New York (October 26, 2012, 7:33 PM EDT) -- Hedge fund Harbinger Capital Partners LLC and its founder asked a New York federal judge Thursday to dismiss a proposed class action alleging it misled investors by sinking $3 billion into wireless network startup LightSquared Inc. before the company spiraled into bankruptcy.

The February complaint alleged that Harbinger and founder Philip Falcone never told investors that they would invest nearly 60 percent of the entire fund in LightSquared, a now-defunct broadband connectivity, and failed to inform investors of the regulatory hurdles the company faced or accusations...
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