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(Reuters) — Activist investor Carl Icahn filed a lawsuit on Monday against AmTrust Financial Services Inc. and the family that controls the company, accusing them of trying to take the insurer private at the wrong time and at the wrong price.
The lawsuit filed in the Court of Delaware accuses the Karfunkel-Zyskind family of engaging in a transaction that will transfer "huge amounts of value" belonging to the company’s public stockholders to the controlling family.
Earlier on Monday, Czech-based Arca Capital Investments Inc., which owns 2.4 percent of total outstanding shares of AmTrust, said it plans to work with Mr. Icahn and other minority shareholders in opposing the proposed privatization transaction.
Mr. Icahn had disclosed a 9.38 percent stake in AmTrust on May 17.
On March 1, AmTrust said it would be acquired in a $2.7 billion deal by a group of shareholders including its founding family, chief executive officer and private equity funds — a move Mr. Icahn has strongly opposed.
(Reuters) — American International Group Inc.’s proxy filing with the U.S. Securities and Exchange Commission Thursday confirmed that hedge fund manager John Paulson will leave the board of directors but that billionaire Carl Icahn’s board representative will remain on the insurer’s board.