Paramount is sued by investors
Times Wire Reports
Viacom Inc.’s Paramount Pictures was sued by a unit of Allianz and three other investors that allege the studio misled them about the risk of buying stakes in film-financing securities.
Allianz Risk Transfer, Marathon Structured Finance Fund, Newstar Financial Inc. and Munich Re Capital Markets New York Inc. alleged that they lost a combined $40-million investment.
Had Paramount disclosed actual risks, they wouldn’t have invested, they said in a complaint filed in federal court in Manhattan.
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