Hedge Fund Harbinger Sues Deere & Co and Dish Over LightSquared

//Hedge Fund Harbinger Sues Deere & Co and Dish Over LightSquared

Hedge Fund Harbinger Sues Deere & Co and Dish Over LightSquared

Hedge fund Harbinger Capital founded by billionaire Phil Falcone sues Deere & Co and Dish Network.

Hedge fund GPS  satellite battle  Harbinger  LightqSuared

Haute Living Honors Swizz BeatzLess then a week ago Hedge fund founder Phil Falcone’ Harginger Capital sues television mogul Charles  Ergen and another hedge fund in a last attempt to maintain control of LightSquared.

On Friday, Mr. Phil Falcone’s hedge fund, Harbinger Capital, and its subsidiaries sued Deere & Company, Garmin International and Trimble Navigation, along with two GPS industry lobby groups, accusing them of preventing LightSquared from operating a crucial 4G network.

LightSquaredHedge fund Harbinger Capital Partners sued Deere & Co and Trimble Navigation Ltd. (TRMB), claiming they concealed facts about global positioning system products that ruined Harbinger’s investment in a wireless network.

The companies are accused of failing to disclose that hedge fund Harbinger’s venture, LightSquared  would interfere with their products, according to a complaint filed today in federal court in Manhattan. Harbinger said its damages are at least $1.9 billion.

LightSquared filed for bankruptcy in 2012. U.S. regulators blocked the service after GPS-device makers and users  including the U.S. military and commercial airlines.

Hedge fund Harbinger, founded by Phil Falcone,  also sued Charles Ergen and his Dish Network Corp. on Aug. 6 in bankruptcy court in Manhattan, accusing Ergen of a scheme to prevent LightSquared from emerging from bankruptcy under Harbinger’s control.

Hedge fund Harbinger Capital, led by billionaire Phil Falcone, has sued Deere & Company  and GPS makers for $1.9 billion in damages in an effort recoup its investment in bankrupt wireless company LightSquared.

Phil Falcone’s hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network Corp for $4 billion on Tuesday for an alleged loan-trading scheme aimed at stripping Falcone of his control over LightSquared Inc, a bankrupt wireless communications business.

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