Lawsuits

The short response: go fuck yourself. The slightly longer one: Read more »

  • 01 Aug 2014 at 12:59 PM

Allergan Has A Bone To Pick With Bill Ackman, Valeant

An insider trading-shaped bone. Read more »

What to Eric Schneiderman’s naked eye appears as fraud, Barclays customers apparently understand is just totally legitimate ways of doing business, according to the bank. Therefore, it wants this dark pools lawsuit dismissed and never mentioned again. Not once! Read more »

Philip Falcone’s Harbinger Capital Partners is again suing Dish Network Corp. DISH +0.78% and Chairman Charlie Ergen, this time under the federal racketeering statute. Harbinger is suing both Mr. Ergen and Dish for at least $1.5 billion, saying Mr. Ergen violated the Racketeer Influenced and Corrupt Organizations Act when he acquired the debt of LightSquared—the wireless venture controlled by Harbinger—as Dish was making a bid for the company. Harbinger says Mr. Ergen’s purchases caused it to lose money and control of the LightSquared board. Mr. Falcone and other Harbinger officials resigned from the board as part of negotiations for a bankruptcy court restructuring. “Ergen and his fellow RICO Enterprise members pursued their abusive scheme through wire, mail and bankruptcy fraud, abuse of process, tortious interference with contract, and obstruction of justice,” Harbinger lawyers said in a filing with U.S. District Court in Colorado. Under RICO, originally designed to prosecute organized crime, parties can seek more damages than is typically allowed. [WSJ, related]

Barry Diller sure must be a forgiving guy. Sean Rad, 27, is sitting pretty as Tinder’s chief executive despite allegedly describing his boss, IAC/InterActiveCorp Chairman Diller, as a d–k and texting a drawing of Diller as such, The Post has learned. Word of the penis put-down emerged this week in an explosive lawsuit filed by Whitney Wolfe, a 24-year-old former Tinder exec who says she was sexually harassed by Rad and fellow co-founder Justin Mateen. [NYP]

  • 13 Jun 2014 at 2:10 PM

Settlement Watch ’14: Citigroup

The U.S. Justice Department has asked Citigroup Inc. (C) for more than $10 billion to settle a probe into the lender’s sale of mortgage-backed bonds in the run up to the 2008 financial crisis, according to a person familiar with the negotiations. Prosecutors broke off talks with Citigroup on June 9 and are preparing to sue the bank after the lender offered less than $4 billion to resolve the matter, said the person who asked not to be named because the negotiations are private. The Justice Department could file a lawsuit as early as next week, the person said. [Bloomberg]

Once upon a time, an Aussie named Robert Bou-Simon worked at London brokerage BGC Partners. In 2005, he left the firm to explore his options elsewhere, and in 2012, rejoined as the head of the basis swaps desk. This time, though, things were different. None of his old buddies were there. There were new names to learn and new faces to remember. Even though he’d worked at BGC for the better half a decade in the early 2000s, people treated him like he was the new guy, and, as the new guy, expected him to take part in a sort of wet t-shirt “initiation” exercise taken very seriously by the staff, who bristled at the idea of someone electing to take a pass, which is where things started to go south for Bou-Simon. Read more »