Suit over Schmolz bond sale moved to federal court

Mar 04, 2013 | 12:25 PM | Daniel Fitzgerald

Tags  Goldentree Asset Management, bond sale, lawsuit, Schmolz + Bickenbach, BNP Paribas, Benedikt Niemeyer, Axel Euchner, Hans-Peter Zehnder. lawsuit Daniel Fitzgerald

NEW YORK — A lawsuit filed by GoldenTree Asset Management LP against steelmaker Schmolz + Bickenbach AG has been moved to U.S. District Court in Illinois.

New York-based GoldenTree alleges that Schmolz "fraudulently induc(ed) GoldenTree to purchase more than $50 million in bonds based on representations concerning the ‘proven track record’ of the ‘experienced management team’ of the issuer ... while concealing the secret intention of the Schmolz board of directors to fire....

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