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Friday, March 31, 2006

NY Judge rules Against Gabelli in Investor Suit

A New York State judge has ruled in favor of two investors who accuse famed money manager Mario Gabelli with enriching himself at their expense, according to a Reuters report in today’s New York Times.

In a lawsuit filed more than two years ago, plaintiffs Frederick Mancheski, a former auto parts executive, and David Perlmutter, a lawyer who worked for Gabelli in the past, demand the dissolution of Gabelli Group Capital Partners Inc., a Gabelli-controlled company. The plaintiffs would also like to sell their stake in GGCP, as the company is formally called, and were seeking a statement that says their shares can freely be traded and are not in fact restricted, as the company claims.

New York Supreme Court Judge Linda Jamieson said in a decision granting summary judgment to the plaintiffs on Thursday that none of the their shares in Gabelli are ``subject to the restriction specifically claimed by the defendant.’’ Click the following link for the full story in nytimes.com.

Posted by Quitam Help Admin on 03/31 at 11:52 AM
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