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Letsbuyit sues rogue investor

If we all sue together will it be cheaper?
Written by Sonya Rabbitte, Contributor on

If we all sue together will it be cheaper?

Troubled e-tailer Letsbuyit.com has won E14.5m (£9.1m) after suing a German investor who backed out of an investment agreement. Shmulik Stein International Investments signed a funding deal worth E30m (£19m) in February saving Letsbuyit.com from imminent bankruptcy, but the VC backed out of the deal after paying just a fraction of the promised funding. A court in Amsterdam ruled last week that Shmulik Stein must now pay Letsbuyit.com E7.5m (£4.7m) in damages and E7m (£4.4m) in bridge loan financing, in addition to footing the legal bills. Shmulik Stein has been granted until 31 August to lodge an appeal.
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