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AmTrust Financial

(Bloomberg) – Billionaire investor Carl Icahn sued the directors of AmTrust Financial Services Inc., Chief Executive Officer Barry Zyskind and the family that controls the insurer to challenge a plan to take the insurer private, arguing it will shortchange investors.

Icahn, who owns a 9.4% stake in Amtrust, says the going-private deal unfairly benefits the controlling Karfunkel family at the expense of public stockholders. He asked a Delaware Chancery Court judge to hold Amtrust directors who backed the deal liable for not acting in the best interests of holders, according to the lawsuit filed in May.

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