Harbinger Can't Use 2nd Circ. Ruling To Nix Fraud Suit: Class
By Kelly Knaub (September 20, 2013, 5:36 PM EDT) -- Plaintiffs in a putative securities fraud class action against Harbinger Capital Partners on Thursday challenged the hedge fund's claim in New York federal court that a recent Second Circuit ruling supports the dismissal of the class claims, saying the cited case does not apply.
The proposed class in February 2012 brought state law claims in federal court accusing Harbinger and founder Philip Falcone of failing to tell investors that they would invest nearly 60 percent of the entire fund in LightSquared, a now-bankrupt broadband company. Falcone and Harbinger also allegedly withheld information about regulatory and other difficulties the company faced. The...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!