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American singer Cher sues financial company for fraud
Highlights
American singer Cher has filed a lawsuit against a financial management partnership, alleging that it defrauded her out of more than 80-million dollars in investments that went bankrupt.
American singer Cher has filed a lawsuit against a financial management partnership, alleging that it defrauded her out of more than 80-million dollars in investments that went bankrupt.
The 70-year-old singer sued SAIL Venture Partners and related firms on June 8, claiming the financial firm has pushed her money into "risky and unsound" investments, reports Channel 24.
The suit is filed on behalf of Veritas Trust, of which Cher is the only trustee and accuses the company for breach of contract, breach of fiduciary duty, professional negligence and fraud.
The lawsuit further said that SAIL's principals engaged in "malicious and fraudulent" behaviour and seeks financial restitution and punitive damages, without specifying any amount.
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