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Westlaw News

Tiffany investors sue LVMH for $10 million over merger backout

Three investors in Tiffany & Co sued LVMH and two of its executives in Manhattan federal court Tuesday, saying the French luxury good giant’s “illegal renunciation” of its $16 billion deal to buy the U.S. jeweler caused the value of their stock to drop by at least $10 million.

French investor Lucien Selce, private equity firm Fairmont Capital Inc and asset manager Drexel Morgan & Co accused LVMH and its CEO Bernard Arnault and CFO Jean Jacques Guiony of violating U.S. securities laws by reneging on the merger, in a complaint filed in the U.S. District Court for the Southern District of New York.

To read the full story on Westlaw Today, click here: bit.ly/2SbFMVC

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