Sunday, February 1, 2009

Steel Seeks to Dismiss Icahn Suit

Steel Partners is seeking to dismiss a lawsuit filed against them by Carl Icahn. As previously noted on this blog, Icahn is suing Steel claiming the fund failed to properly inform investors before merging into WebFinancial, a publicly-traded company controlled by Steel.

According to a Reuters report, Steel's lawyers requested the dismissal "Because it is so obvious that plaintiff's claim boils down to nothing more than one for an award of $15 million in damages (at the absolute most), plaintiff's motion is so utterly without merit as to be frivolous and worthy of sanctions."

Click Here to view a copy of Steel's investor presentation detailing The WebFinancial Solution.