Crede Blasts Tobacco Co. In $250M Suit Over China JV
Law360, Los Angeles (April 27, 2016, 11:45 PM EDT) -- 22nd Century, a genetic engineering company specializing in low-nicotine tobacco, was hit with a $250 million contract suit in New York federal court Tuesday by its largest investor, private equity fund Crede CG, which alleges 22nd Century cut it out of a lucrative Chinese joint venture.
Crede CG fund Crede CG III Ltd. filed suit against 22nd Century Group Inc. for breach of contract, alleging the Nevada-based plant biotechnology company intentionally caused a potentially gangbusters joint venture they had formed to sell genetically modified tobacco in China to become a "total failure" in a scheme to keep the opportunity for itself....
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