The anti-club deal case lives on.
Another lawsuit related to private equity “club deals” was filed recen tly in state court in Massachusetts. Here’s the lawsuit.
To refresh your memory, parties filed suit in federal court in New York against Bain Capital, Blackstone, KKR and others claiming anti-competition practices relating to club deals–deals where several teams of multiple buyout firms got together to bid for a company.
The lawsuit was withdrawn in August, in part due to a Supreme Court ruling on a separate case.
But here comes another, similar suit aimed at the buyout industry, this time filed in state court.
The only problem is that at this point, club deals have gone the way of the dinosaur, and the private equity industry is in retreat following the credit crunch.
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