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Rating:Security Benefit Added to Defendant Roster In Fragasso Case Not Rated 4.5 Email Routing List Email & Route  Print Print
Tuesday, November 06, 2007

Security Benefit Added to Defendant Roster In Fragasso Case

Reported by Erin Kello

The Fragasso v. Rydex case is heating up again with a second amended complaint filed by Fragasso and his lawyers on Halloween. The new complaint adds Security Benefit to the roster as a defendant, claiming the company directed Rydex not to give Fragasso the executive participation units he was promised.

The amended complaint also adds a charge by Fragasso that following his termination in August, Rydex filed a U5 complaint form with the SEC alleging that he has been discharged for "unauthorized dissemination of confidential company information."

Its possible this refers to Fragasso's disclosure of Rydex's sale price in the original complaint he filed on August 1, 2007. In the amended October 31 complaint, Fragasso adds to this speculation by stating that he had already amended his complaint once "as a courtesy to the defendant." The first amended complaint, filed on August 3, omitted the sale price.

Rydex and its lawyers have until November 14 to respond to Fragasso's latest claims.  

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