Carlyle, GIC sued by Qatari fund after busted deal to buy stake in AmEx Global Business Travel

📆 5/12/2020 9:41 PM
📰 The Straits Times

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Carlyle, GIC sued by Qatari fund on busted AmEx deal

NEW YORK - Carlyle Group and Singapore sovereign-wealth fund GIC are allegedly using fake excuses to renege on buying a 20 per cent stake in American Express Global Business Travel , according to claims in an unsealed lawsuit.

The dispute is among a half-dozen busted-deal cases tied to Covid-19 that have found their way to Delaware's business court. The state is the corporate home to more than half of US public companies and more than 60 per cent of Fortune 500 firms. Chancery court judges hear cases without juries and can't award punitive damages.

A spokesman for GIC didn't immediately respond to an email requesting comment sent outside normal business hours.

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