A prominent Kuwaiti conglomerate is suing the Carlyle Group in a local court, alleging that the US private equity firm misrepresented the safety of its affiliate, Carlyle Capital Corp, a public debt fund that collapsed in March 2008.
The conglomerate, National Industries Group, invested $50m in CCC, which was marketed to many investors in other Carlyle funds as a safe fund that would invest largely in triple A mortgage-backed securities.
CCC raised about $600m from investors privately and an additional $340m when it listed.
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