https://www.floridabulldog.org/2025/02/pension-funds-accuses-panthers-viola-cifu-stealing-400-million-investors/
Vincent Viola, the multi-billionaire owner of the Stanley Cup champion Florida Panthers, is the principal defendant in a class-action lawsuit alleging he used his control of Virtu Financial Inc. to divert more than $400 million in cash from Virtu’s stockholders to “himself and his confederates.” “And the harm is ongoing,” says the complaint brought by Iron Workers Local No. 55 Pension Fund of Toledo, OH.
Those confederates, who are Viola’s co-defendants, include Viola’s son and Virtu chairman Michael Viola and Panthers hockey team vice chairman and Virtu CEO Douglas Cifu. Vincent Viola and Cifu founded Virtu in 2008. Virtu Financial and 13 other current and former directors and officers are also named as defendants.
“Viola’s scheme rests on the lack of public understanding of the mechanics and impact of Virtu Inc.’s massive ‘share repurchase program’ in light of Virtu Inc.’s unusual and complex corporate structure,” says the lawsuit brought by Iron Workers Local No. 55 Pension Fund and “on behalf of others similarly situated.”
Lawyers for both sides have declined to comment. In public filings with the U.S. Securities and Exchange Commission, Virtu Financial has said “the Company believes that any potential allegations of wrongdoing are without merit and is defending itself vigorously.” The union pension fund owns an undisclosed number of shares of Virtu stock. The company’s shares rose more than 70 percent in 2024.
snip
= new reply since forum marked as read
