Saturday, 26 July 2014
Last updated 21 hours ago
Apr 25 2013 | 10:10am ET
Steel Partners founder Warren Lichtenstein isn't thrilled about the huge child-support payments he's been ordered to make to the mother of his daughter. So he's suing her new boyfriend.
Lichtenstein filed suit against Andrew Cader in New York federal court, alleging that Cader, a former head of Goldman Sachs' Spear Leeds & Kellogg unit, helped his five-year-old daughter's mother, Annabelle Bond, win the HK$321,667 (US$41,000) monthly child support from a Hong Kong court. According to Lichtenstein, Cader has given Bond some $3.5 million in cash and pays the rent on her Hong Kong home as gifts over the past two years, but Bond claimed they were loans to win the child-support payments, which Lichtenstein said is the largest ever ordered in Hong Kong.
Lichtenstein's lawsuit, which seeks at least US$200,000, alleges that Bond and Cader had a "common objective to cause the Hong Kong court to order Mr. Lichtenstein to make payments that are greater than they would have been."
Lichtenstein describes his split with Bond, the daughter of former HSBC Chairman John Bond, in 2007 as amicable. But he alleged that she has been "spending millions of dollars of their money to support her lavish lifestyle."
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…