NEW YORK, March 30 (Reuters) - A federal judge on Monday dismissed a lawsuit accusing Philip Falcone and his Harbinger Capital Partners LLC of misleading investors by taking a majority stake in wireless company LightSquared Inc without disclosing the investment or its risks.
U.S. District Judge Alison Nathan in Manhattan said some claims did not adequately show how Falcone and Harbinger allegedly breached their duties to investors, while other claims were precluded under federal securities law.
"We respectfully disagree with the judge, and are considering our options," Jacob Zamansky, a lawyer for the plaintiffs, said in a phone interview.
Once known as SkyTerra Communications Inc, LightSquared filed for bankruptcy protection in May 2012 after the U.S. Federal Communications Commission revoked its spectrum license.
Investors accused Falcone and Harbinger of marketing their hedge funds as diversified, but using them to invest $3 billion in LightSquared prior to the bankruptcy, without disclosing the new strategy or its risks.
They also claimed that Falcone improperly arranged a $113.2 million personal loan from his funds, and entered "side agreements" that provided favored treatment to large investors.
A lawyer for Falcone and Harbinger did not immediately respond to requests for comment.
Last Thursday, a federal bankruptcy judge said LightSquared can emerge from Chapter 11 under the control of Centerbridge Partners LP and Fortress Investment Group LLC.
In 2013, Falcone accepted a five-year securities industry ban as part of an $18 million settlement of U.S. Securities and Exchange Commission of civil fraud charges. He was still allowed to manage public companies.
The case is In re: Harbinger Capital Partners Funds Investor Litigation, U.S. District Court, Southern District of New York, No. 12-01244. (Reporting by Jonathan Stempel in New York; Editing by Lisa Shumaker)
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