Macquarie loses bid to throw out lawsuit

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Macquarie Group will have to face the fraud and defamation claims of an executive who says the bank ousted him from running Advantage Rent A Car after they teamed up to buy the business from Hertz Global Holdings.

Bloomberg News reports that Macquarie lost a bid to throw out the lawsuit brought by Sanford Miller, an industry veteran who says the company’s conduct cost him millions of dollars when Advantage collapsed into bankruptcy in 2013, according to a November 17 decision by a New York state court judge.

The dispute stems from Hertz’s $2.3bn acquisition of Dollar Thrifty Automotive Group, a deal that raised concerns among antitrust officials who worried that the combination would raise prices for consumers by cutting the number of major rental-car companies to three from four.

To access the complete Bloomberg News article hit the link below:

Macquarie Ordered to Face Fraud Claim Tied to Hertz Spinoff

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