Last Monday, Preston Hollow Capital LLC (PHC) filed a new antitrust lawsuit against the TIAA subsidiary Nuveen LLC. The suit was filed in the U.S. District Court for the Southern District of New York. This continues the on-going David vs. Goliath battle of the two companies.
Bloomberg Law reported on Thursday, that there may be jurisdictional issues with the complaint.
Nuveen, an American owned asset manager, with $1.1 trillion in assets, plays a major role in the municipal-bond market. PHC, based in Dallas is a much smaller competitor, with $3.6 billion in investable assets.
Second lawsuit seeks monetary damages
This will be the second time the parties face each other in court. The first case was filed in Delaware where both parties are incorporated. The Delaware Chancery Court ruled for POC on Thursday, April 9, 2020, in a detailed, often caustic 60-page Memorandum Opinion from Vice Chancellor Sam Glasscock III.
Glasscock referred to Gulliver’s Travels, Jonathan Swift’s 1726 novel. In his ruling, he compares Nuveen’s witnesses to Houyhnhnm’s.
