Connecticut May Sue to Recover Losses
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Connecticut may sue Forstmann Little & Co. to recover the state’s $96-million investment, used by the fourth-biggest U.S. buyout firm for stakes in two money-losing telecommunications companies.
State Treasurer Denise Nappier said she hired a law firm, Paul Hastings Janofsky & Walker, after Forstmann Little failed to respond to the state pension plan’s concern about the buyout company’s more than $2billion in investments in XO Communications Inc. and McLeodUSA Inc., now valued at $1billion.
Forstmann Little said that it worked to keep Connecticut officials informed and that the McLeodUSA investment ultimately would be beneficial for the state pension fund.
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