F1 Chief Faces $650M Suit Over Alleged Bribe-Tainted Deal

Law360, New York (November 16, 2012, 9:53 PM EST) -- Bluewaters Communications Holdings LLC sued the head of Formula One and others for $650 million in New York state court Friday, claiming the defendants interfered with its bid to buy the racing empire by bribing a now-incarcerated former executive of a state-owned German bank.

Bluewaters says that it made a $1 billion offer in 2005 to buy a controlling stake in Speed Investments Ltd., then the top-level holding company steering Formula One, from a group of banks, including the German publicly regulated bank BayernLB.

However, Formula...
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