Harbinger Partly Escapes LightSquared Investor Suit

Law360, New York (September 30, 2013, 3:26 PM EDT) -- A New York federal judge on Monday slashed several claims from a putative class action against Harbinger Capital Partners LLC alleging it hid a major investment in a now-bankrupt broadband company, finding the state law claims were barred by federal regulations.

U.S. District Judge Alison Nathan found that a large portion of the plaintiffs' claims focused on Harbinger's “improper” strategy to take control of SkyTerra, now called LightSquared, a bankrupt broadband company, according to Monday's order. This means that these claims are barred by the Securities...
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