Latest Videos
The information you requested is not available at this time, please check back again soon.
Jury selection was completed Friday for Donald Trump’s first criminal trial, setting the stage for opening arguments Monday in a New York case accusing the former president of falsifying business records to conceal a sex scandal before the 2016 election.
Higher-than-expected interest rates amid persistent inflation are perceived as the biggest threat to financial stability among market participants and observers, according to the Federal Reserve.
Fifth Third Bancorp jumped the most in four months, leading bank stocks higher, with Chief Executive Officer Tim Spence predicting that income from lending has bottomed out.
China’s securities regulator said it will encourage the nation’s companies to list in Hong Kong as it unveiled a package of measures to bolster the city’s position as an international financial hub.
Hong Kong’s accounting regulator said it will investigate allegations over PricewaterhouseCoopers LLP’s role auditing China Evergrande Group following a “whistleblower report”.
Sep 11, 2019
, Bloomberg News
(Bloomberg) -- Czech property billionaire Radovan Vitek’s company said the New York hedge fund accusing him of a $1 billion fraud is wrongfully attempting to apply U.S. racketeering law to businesses that operate overseas.
Vitek’s CPI Property Group, the largest commercial property landlord in Berlin, said Tuesday in a New York court filing that a lawsuit by Kingstown Capital Management should be tossed out because it was filed too late and overlaps with claims already made in a case pending in Luxembourg since 2015.
“All of the defendants, and the vast majority of the evidence, is located in Europe, where there are alternative adequate forums, including Luxembourg and the Czech Republic,” CPI Property said in the filing.
Kingstown’s New York-based lawyer, Matthew L. Schwartz, didn’t immediately return a message seeking comment on the filing.
Read More: New York Hedge Fund Sues Czech Tycoon Over $1 Billion Fraud
Vitek, who ousted Kingstown’s representatives from the board of a related company in 2014, has repeatedly denied the allegations and claims the lawsuit was filed by “disgruntled investors“ who didn’t hold a stake in the company at the time of the alleged violations.
In June, a Luxembourg court became the first to weigh in by dismissing Kingstown’s 2015 claim against CPI, though it wasn’t a total victory. Claims remained against Vitek personally, as well as another key CPI entity and five other current and former board members.
To contact the reporters on this story: Erik Larson in New York at elarson4@bloomberg.net;Hugo Miller in Geneva at hugomiller@bloomberg.net
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Steve Stroth
©2019 Bloomberg L.P.
