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...

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