Become a digitalPLUS subscriber. 99 for 4 weeks.

Topics

War of the Worlds (movie, 1953)
Investors take Paramount to trial over U.S. movie losses

NEW YORK (Reuters) - Investors who lost money on mid-2000s movies such as "The Manchurian Candidate" took Paramount Pictures to trial on Tuesday in a lawsuit that claims the studio concealed a risky business strategy when it obtained $40 million in financing. Lawyers delivered opening statements before U.S. District Judge Katherine Forrest in Manhattan, who is presiding over the trial without a jury. The investors, including a unit of Allianz SE, are asking for $16 million as well as punitive damages for what they said amounted to fraud. Paramount, which is owned by Viacom Inc, says the claims are baseless. The dispute revolves around $40 million of the $231 million that...

Loading