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Critical of Claims Based on ‘Sheer Speculation’, Federal Judge Nixes Suit Against Billionaire Banker

Posted Sep 28, 2012 6:02 AM CDT
By Molly McDonough

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A federal judge in New York has tossed a fraud lawsuit that alleged a banker conspired with others to forge the signature of a dying cousin to protect a ranch in Arizona from a creditor.

U.S. District Judge Colleen McMahon in Manhattan characterized aspects of the suit against Herbert A. Allen Jr., a chief executive of Allen & Company, as "implausible" and noted a claim of forgery was based on "sheer speculation," the New York Times reports.

"It is highly questionable whether plaintiff even has, or ever had, standing to pursue this action," the judge wrote.

Excelsior Capital, the plaintiff in the suit, plans to appeal.

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