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On Friday, September 14th, the TradingScreen Shareholders Association (TSA) filed a RICO action against private equity giant, TCV and others. According to the RICO action lawsuit filed in NY federal court by TSA, since 2010, the private equity company has tried to defraud the Tradingscreen shareholders for the benefit of the Series D shareholders in an illegal scheme.
TSA which represents the two largest single shareholders in TradingScreen, total 70% of the stock holding for Tradingscreen, while TCV represents 18% of the company. The lawsuits alleges that TCV has illegally hijacked the control of Tradingscreen through a racketeering scheme which involved paying off the big law firms for fees, inviting Bloomberg, Tradingscreen major competitor, to distribute fake news to handicap Tradingscreen, the creation of false accounting entries by CBIZ the accounting firm and bribing arbitrators, all in an effort to defraud the Trading Screen Shareholders of their right and gain control of the company.
The lawsuit also names global law firm Weil Gotschal, Morgan Lewis, Morris Nicholls and Greenberg Traurig, the information company, Bloomberg, the accounting firm, CBIZ, AAA organization and Judge Travis Laster in Delaware as Defendants in the RICO Action.
Legal Actions Link:
Amended Complaint: https://drive.google.com/open?id=1wIku-py04hDTL5_Kl2l-DR8xYXKbwQeH
Legal Sites:
https://www.law360.com/cases/5ab54abef209945d10000001
