Advertisement
 
YOU ARE HERE: LAT HomeCollectionsClothing

Companies

BRIEFLY

April 01, 1993|From Times Staff and Wire Reports

Suit Accuses Esprit of Diverting Funds A director and minority shareholder of Esprit de Corp., a San Francisco maker of casual clothing, has accused the company, its co-founder and other principals of illegally diverting more than $250 million to a foreign affiliate in an effort to depress Esprit's value. Bruce R. Katz, who helped co-founder Susie Tompkins buy out her estranged husband's interest in Esprit in mid-1990, filed suit in U.S. District Court in San Francisco seeking $300 million in damages. He alleges that Tompkins, director Michael Ying and investor Isaac Stein diverted assets and profits to Far East Group to make it cheaper to buy Katz's shares. Esprit says the suit is without merit.

Advertisement
Los Angeles Times Articles
|
|
|