Morgan Stanley was sued for at least $750 million by private equity firms who claimed they were defrauded in a deal to invest in a credit agreement for a luxury high-speed rail line.
Certares Management LLC and Knighthead Capital Management LLC filed suit Monday in New York state court, alleging Morgan Stanley unlawfully restructured the deal by which they invested in a loan to Miami-based Brightline Holdings, a Fortress Investment Group-backed company currently developing a Los Angeles-Las Vegas rail line. Brightline is also a defendant in the suit.
That issue should have triggered the deal’s prepayment make-whole provisions, the firms claim. They are asking for an order requiring Brightline to prepay the loan and make the make-whole payments.
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