Tuesday, 28 February 2017
Last updated 8 hours ago
Dec 3 2012 | 11:30am ET
Harbinger Capital Partners and founder Philip Falcone have formally asked a judge to junk the Securities and Exchange Commission's wide-ranging fraud lawsuit against them.
The two on Friday filed a motion for dismissal, arguing that the regulator presented no evidence that they either broke the law or deceived investors.
In June, the SEC sued Harbinger, Falcone and former Harbinger chief operating officer Peter Jenson, after the sides were unable to reach a settlement; Falcone reportedly balked at a proposed ban from the industry. The SEC accused Falcone and the hedge fund of defrauding investors in four ways, citing Falcone's loan from Harbinger to pay his taxes, alleged preferential redemption treatment for favored investors including Goldman Sachs, market manipulation and shorting into the deal. Harbinger and the SEC settled the final claim.