Private equity firm Partners Group just got hit with a trade-secrets lawsuit from a railroad company that says it took investment ideas Casey Sullivan Jan 18, 2020, 07:12 IST Why are Apple Pay, Starbucks' app, and Samsung Pay so much more successful than other wallet providers? Partners Group is being accused of breaching a non-disclosure agreement with freight-rail operating company MidRail, sister publication Private Equity International reported. The company called Partners Group’s expressed intent to invest “a ruse”. Bloomberg Creative Photos Freight rail operating company MidRail has sued private equity firm Partners Group (USA), alleging in a lawsuit filed Friday … Christoph Rubeli, co-chief executive of Swiss asset manager Partners Group, will step down from the role at the end of the year, the firm announced Thursday. No one person is required to participate in a settlement. MidRail is accusing Partners Group of soliciting its business secrets so it could then compete against the rail company. As a result, MidRail said it provided the firm with confidential information on its strategy for Patriot. Partners Group disputes the claims. “We will not comment further on this pending litigation.”, [II Deep Dive: Partners Group Reveals Succession Plan as Co-CEO Steps Down]. The time is nigh for the DEA to cooperate in ensuring that medical marijuana research can move forward. Gearbox has settled a lawsuit filed by composer Bobby Prince, which had accused the developer of using the musician's work without permission … Partners Group Sued Over Alleged Breach of Non-Disclosure Agreements. New York: Google’s dominance in online search came under the broadest attack yet as a group of states filed the third antitrust lawsuit in two months against the internet giant owned by Alphabet Inc. All rights reserved.For reprint rights. The False Claims Act lawsuit is captioned United States ex rel. The claims resolved by today’s civil settlement and the earlier non-prosecution agreement are allegations only; there has been no determination of guilt or liability. The lawsuit, brought by the Texas attorney general, had sought to invalidate the election results in four states that Joe Biden won in November. Around May 2019, Partners told MidRail that it wanted to put a first-round bid in for Patriot. A group of Kweichow Moutai shareholders plan to file a class action lawsuit over the donations, which could “hinder their interests,” one of the shareholders told Caixin. It also wants the private equity firm to be stopped from unfairly competing with it in the future. “Companies would never divulge proprietary information to potential investors, partners, or buyers if they could not be sure that information would not later be used against them. Press release - Shareholders Foundation - Lawsuit filed for Investors in shares of Kandi Technologies Group, Inc. (NASDAQ: KNDI) - published on openPR.com A … “That turned out to be a ruse.”, Instead, Partners Group “solicited MidRail’s most sensitive information and then used it to compete directly with MidRail,” the company alleged in the complaint. If it made it past the first round, it would then team up with MidRail in subsequent rounds, according to the documents. According to the lawsuit, Partners Group’s actions caused the company “tens of millions of dollars in lost competitive advantage” and “will certainly cause MidRail further damage in the future”. This group of lawyers is known as the PSC, or the plaintiffs’ steering committee. MidRail said it has spent years developing expertise, proprietary insights, financial and operational models, and strategies specific for the rail industry. Rubeli will … "Partners Group considers the lawsuit filed today to be wholly without merit, and will vigorously defend against the asserted claims,” a spokesperson for the firm said in a statement to Institutional Investor. Private equity firm Partners Group just got hit with a trade-secrets lawsuit from a railroad company that says it took investment ideas. SANTA FE – The New Mexico Ethics Commission on Friday filed a lawsuit aimed at forcing a group that spent more than $130,000 on political advertisements in … Copyright © 2020. Culture. Three limited partners said in a federal court filing that Daniel Snyder, the team’s majority owner, was trying to block the sale of their combined 40 percent stake for $900 million. 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After Partners Group cut it out of the sale process, MidRail made arrangements to buy Patriot on its own, the lawsuit said, but with its trade secrets being used against it, … Gooch’s firm, Jersey Partners Inc, once owned more than 46 million GFI shares, regulatory filings show. Non-disclosure agreements, known as NDAs, are ubiquitous in the financial industry, legally preventing companies from using information gathered during talks or due diligence before any kind of deal-making. A multidistrict case can take years to resolve, as the firms that are appointed by the judge spend hundreds of hours and thousands of dollars trying to prove the plaintiffs’ case. “The ability to confidentially share sensitive business and financial information is essential for an effective, well-functioning private equity market, said Matthew Schwartz, a partner at Boies Schiller Flexner, the law firm representing MidRail, in an interview. A group of Santa Cruz residents filed a lawsuit Tuesday in Sacramento County Superior Court to stop the Harm Reduction Coalition of Santa Cruz County (HRC) from continuing its syringe exchange services. A bankrupt Seaborn Networks subsidiary has accused private-equity backer Partners Group Holding AG of trying to seize control of the financial restructuring … Freight rail operating company MidRail has sued private equity firm Partners Group (USA), alleging in a lawsuit filed Friday in New York State Supreme Court that the firm violated non-disclosure agreements it signed related to a two-year period of talks with the rail company. In late August, the Leamington group, which owns 51 per cent of the project through a numbered company, launched a lawsuit against its partners after they … “MidRail originally agreed to provide its confidential business information” to Partners Group because the private equity firm said it was considering investing in or with MidRail, according to the complaint. On December 3, 2020, MAPS (the Multidisciplinary Association for Psychedelic Studies) issued a press release regarding a lawsuit filed against the DEA and the Attorney General to “compel issuance of licenses to manufacture marijuana for clinical trials and potential FDA approval.” MidRail wants restitution caused by the increase in the price it paid for Patriot as well as damages caused by the destruction in the value of MidRail’s business strategies, proprietary and confidential information, and trade secrets. Did Former AIG P.E. Granger v. PC Specialists, Inc. d/b/a/ Technology Integration Group, No. Top executives of New York-based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became "like a … The rail company alleged that Partners ultimately used all this information to bid for Patriot Rail, a U.S. railroad operator, in the summer of 2019. We have USD 96 billion in assets under management and more than 1,500 professionals across 20 offices worldwide. According to Franklin County Auditor’s Office records, Mill Run Partners purchased the 1.94-acre parcel at 3799 Park Mill Run Drive for $885,000 in March 2015, and the group … If you're happy with cookies click proceed. But after getting into the second round of bidding in mid-June 2019, Partners Group refused to work with MidRail, but “continued to rely on the confidential information it had received from MidRail pursuant to the NDA,” according to the complaint, which alleged that Partners Group never intended to team up with MidRail on the deal. This content is from: MidRail is suing for damages and to stop Partners Group from continuing to use the company’s information. A U.S. judge dismissed a lawsuit on Friday brought by a tech group that had asked the federal court to declare invalid a presidential executive order aimed at … The Detroit News reported a lawsuit has been filed on behalf of two anonymous persons. Meanwhile, MidRail had sought to protect its intellectual property and deal pipeline, saying it did not want to “give away its trade secrets for free” so that Partners Group could use them for its own benefit, according to the complaint. The complaint alleges that the NDA outlined the relationship between the two organizations and that Partners Group didn’t have any previous expertise in the rail industry. According to the documents, Partners learned about Patriot through MidRail in 2018, before the company went up for sale. Once MidRail learned it had been cut out of the deal, it decided to go after Patriot separately. Partners Group is a global private markets investment manager, serving around 900 institutional investors. みを持ち、欧米豪アジアの世界17カ国に現地法人を持つ。 MidRail is accusing the private equity firm of soliciting the rail company’s business secrets to compete against it on a deal. Hundreds of shareholders at liquor-making giant Kweichow Moutai Co. Ltd. plan to file a class action lawsuit over its 800 million yuan ($122.5 million) in donations to local government infrastructure projects. Partners Group’s violation of that trust is so egregious that MidRail had no other choice than to take legal action to protect its business.”. In May 2017, MidRail and Partners Group started discussions about potential deals where the private equity firm would put up capital and MidRail would provide the know-how on rail deals, according to the complaint. A New Volatility Index Offers An Expanded View of Options, Partners Group Reveals Succession Plan as Co-CEO Steps Down, Vista Equity Sued By Portfolio Company Founder. MidRail and Partners signed an NDA in June 2017 and renewed it in January 2019. “As one of MidRail’s key strategic advantages lies in its proprietary information, MidRail required [Partners Group] to enter into a non-disclosure agreement that would protect this information,” according to the complaint. MidRail claimed in the lawsuit that Partners Group’s use of this information “has already cost MidRail tens of millions of dollars, and will certainly cause MidRail further damage in the future.”. OAKLAND, Calif.: Online publishers including Genius Media Group and news website The Nation alleged in a lawsuit seeking class-action status on … MidRail provided the private equity firm with its business model as well as its pipeline of potential M&A deals, operational plans, financial models, and other proprietary insights, all of which MidRail claimed differentiate it from competitors in the industry, according to the complaint. Heads Violate Non-Compete Clause? Redefining the Asset Owner Data Experience, Modern Slavery Act Transparency Statement. Times Internet Limited. 14-cv-00633 (D.N.M.). The company also alleged that Partners Group had been “unjustly enriched” through its use of MidRail’s confidential information. Victory Automotive Group filed — and days later dismissed — a breach-of-contract lawsuit against dealership technology company DealerSocket related to use of its software. LPI's parent company, Life Partners Holdings, Inc.,[2] delisted from the NASDAQ, currently trades on the OTCPK under the ticker LPHI.Q. Investment Lawsuit / By Investment Fraud Lawyers / December 3, 2020 December 21, 2020 / Atria Wealth Solutions, Cadaret Grant & Co., CUSO Financial Services, NEXT FINANCIAL GROUP, northstar healthcare Finally. The White Law Group is announcing that it has filed a FINRA Lawsuit against Ausdal Financial Partners, Inc. on behalf of a Minnesota couple, requesting damages for alleged violation of … Brandon has been with Partners Group since 2011, has 30 years of industry experience, and, prior to joining Partners Group, was a Director at Infracapital (Prudential/M&G Investments), focusing on energy and communication Click the link below to read it. 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