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Report: Investor Sues Again Over Clear Channel Outdoor's Handling Of iHeart Debt
August 30, 2018 at 5:42 AM (PT)
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Lawsuit
MARIO GABELLI's GAMCO ASSET MANAGEMENT is trying again, with LAW360 reporting that the investment company has filed an intended class action lawsuit in DELAWARE Chancery Court on behalf of investors against the board of CLEAR CHANNEL OUTDOOR HOLDINGS, INC. over the alleged failure of the company's fiduciary duty to collect $1 billion on debt held by parent iHEARTCOMMUNICATIONS INC.
A previous lawsuit filed in 2016 by GAMCO alleging diversion of funds from CLEAR CHANNEL OUTDOOR to pay the parent company's debts was dismissed that same year.
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