Times Online- Three hedge funds are set to sue ArcelorMittal, the largest European steelmaker, its directors, headed by Lakshmi Mittal, and its investment banks, Morgan Stanley and Goldman Sachs, for $400 million (£192 millon).
The funds claim that they have been short-changed by the steel company over the terms of the £26 billion merger announced last year between Mittal, headed by Mr Mittal, the billionaire Indian-born magnate, and Arcelor, the Euronext-listed steel company.
SRM Global Fund, a Monaco fund founded and run by Jon Wood, a former head of proprietary trading at UBS, has joined forces with Trafalgar, a London-based fund run by Lee Robinson, and Deminor, a Brussels-based fund, to bring the claims for misrepresentation.
The hedge funds have hired lawyers at Mischcon de Reya, the London firm appointed by Diana, Princess of Wales, in her divorce, to launch legal proceedings against ArcelorMittal, The Times has learnt.
