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Carlyle Group Inc.'s founders and other corporate leaders lost their bid Wednesday for an early end to litigation over a $344 million buyout of tax agreements tied to the asset manager's public listing.
A Delaware judge, Vice Chancellor Morgan T. Zurn, let the case move forward against the billionaire co-founders—William Conway Jr., Daniel D'Aniello, and David Rubenstein—and other Carlyle board members.
The shareholder lawsuit, brought by a pension fund, says they pushed the private equity giant into an overpriced payout aimed at terminating virtually worthless tax benefits.
The decision declaring most of the case's fiduciary breach claims "reasonably conceivable" …
Posted In: CG
