Former Acclaim execs face $150m lawsuit

Fischbach, Scoroposki, Cousens et al face allegations of corporate malpractice

A year after publisher Acclaim declared itself bankrupt, the trustee appointed to wind up the firm has filed a complaint against several of the company's former executives demanding $150m in damages for a litany of corporate abuses. Among the defendants named by the complaint are Greg Fischbach, James Scoroposki, Rod Cousens and several others, with a host of dodgy dealings being alleged which include a number of transactions that violate SEC regulations.

Among the allegations is a claim that executives removed property including artwork and equipment from the company's offices when it went bankrupt, that co-founders Fischbach and Scoroposki were paid high remuneration - increased by funds funnelled through third-party companies - but had no obligations to devote any time to the company, and that Cousens was loaned a large sum of money which was later offset against a huge bonus. All of these events, and several others detailed in the document, came at a point when the company was losing money at a massive rate, leading the trustee to suggest that the firm's generosity to its executives "constituted an obvious waste of corporate assets." The damages being sought are in the region of $150m - money which the trustee plans to use to partially repay Acclaim's many remaining creditors should the court proceedings against the former executives succeed.

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