Judge Hears Arguments for Tossing Neiman Marcus Fraud Lawsuit
Lawyers for Neiman Marcus tried Thursday to convince a district court judge in Dallas to dismiss a lawsuit that alleges the luxury retailer’s owners fraudulently transferred its European subsidiary out of reach of creditors, reports The Dallas Morning News.
Neiman Marcus’ is dealing with an unsustainable debt of $5 billion.
“One of Neiman Marcus’ debtholders, Marble Ridge Capital, sued in December to reverse the transfer of the Munich-based MyTheresa e-commerce division, valued at $1 billion, to private equity owners Ares Management and the Canada Pension Plan Investment Board.” according to the News‘ Maria Halkias.