Neiman Marcus Group Wins Another Day in Court
A Texas judge has denied a motion by Marble Ridge Capital to dismiss counterclaims by Neiman Marcus Group against the firm. In early December, Marble Ridge, a three-year-old firm that invests in distressed debt and one of Neiman’s creditors, filed a lawsuit against Neiman’s in the District Court of Dallas County, Texas, alleging “the fraudulent transfer of the MyTheresa assets to Ares Management and the Canada Pension Plan Investment Board for no consideration.” A few days later, Neiman’s filed counterclaims against Marble Ridge Capital for damages resulting from what the retailer terms “a series of false statements that Marble Ridge has made publicly about the company.” Neiman’s alleged that Marble Ridge falsely accused the company of being in default under its agreements with debt holders and that the firm made the statements for improper purposes, including to harm the retailer. NMG in a statement Wednesday said, “We are pleased the court denied Marble Ridge’s motion to dismiss in its entirety. As alleged in our counterclaims, Marble Ridge recklessly made false statements regarding the company’s compliance with its debt documents with the intent of damaging the company. The court has already fully vindicated Neiman Marcus Group’s position that Marble Ridge’s claims against the company
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