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Harbinger Investors Sue Over LightSquared

Published on February 17, 2012
by Greg Bensinger

Investors in Philip Falcone’s Harbinger Capital Partners sued the fund and Mr. Falcone on Friday, saying the “all in” investment in wireless startup LightSquared Inc. squandered billions of dollars.

The suit, filed in the Southern District of New York, said Mr. Falcone made “deceptive and misleading statements” by not disclosing that he intended to form the new wireless company, which was told this week by the Federal Communications Commission it couldn’t operate its network because of Global Positioning System interference concerns.

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