The estate of legendary buyout investor Leonard Green is suing the Los Angeles firm that he created, claiming its partners fleeced the heirs of more than $3 million after Green died in October 2002.
The lawsuit, filed Tuesday in Los Angeles Superior Court by executor Bernard A. Greenberg, alleges that Leonard Green & Partners and several of its principals cheated the estate and a related trust through a series of transactions starting in December 2002.
Neither Greenberg nor the defendants could be reached for comment late Wednesday.
According to the suit, the partnership and principals Jonathan Sokoloff, John Danhakl, Peter Nolan, Jonathan Seiffer and John Baumer allocated $6 million of the firm's assets to a Danhakl family trust on Dec. 23, 2002, as a payment for Danhakl's services to the firm.
Of that $6 million, $2 million was charged to the account of Green's estate and trust. The Green estate was not notified of the payment and would not have approved it, the suit claims.