Third Point LLC and Daniel S. Loeb Dismissed from Fairfax Lawsuit

Fri Dec 23, 2011 4:41pm EST

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Third Point LLC and Daniel S. Loeb Dismissed from Fairfax Lawsuit

About Third Point LLC: Third Point is an investment firm headquartered in New York, managing $8.0 billion in assets. Founded in 1995, Third Point follows an event-driven approach to investing globally.

Judge Stephan C. Hansbury granted the summary judgment motions of Third Point LLC, Daniel S. Loeb and Jeffrey Perry earlier today, dismissing all claims pending against them in the lawsuit brought by Fairfax Financial Holdings Limited and Crum & Forster Holdings Corp. in New Jersey state court.

In a statement released by Third Point LLC:

"We are gratified that the Judge has put an end to this colossal waste of time and resources. As our investors know, we have consistently taken the position that this case was a cynical attempt by Fairfax to manipulate the judicial system and to intimidate institutional investors who had legitimate concerns about Fairfax's financial position. While Fairfax had years to try to come up with a legitimate basis to justify filing this lawsuit against the Third Point defendants in New Jersey, they came up with nothing, because this was a blatant case of forum shopping. The Judge today has shown that the New Jersey courts will not stand for such manipulation, and Third Point is relieved to see this bogus lawsuit given the treatment it deserves.

"We look forward to moving on and thank our trial lawyers at Susman Godfrey and The Dontzin Law Firm in New York for their outstanding work."

Susman Godfrey
Bill Carmody, 214-763-0000
Third Point LLC
Elissa Doyle, 212-318-3870
Managing Director