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Cher sues financial firm, claiming $800,000 in losses

Cher sues financial firm, claiming $800,000 in losses | iNFOnews.ca
FILE - In this May 4, 2015 file photo, Cher arrives at the Metropolitan Museum of Art's Costume Institute benefit gala in New York. Cher has sued a financial management firm she claims defrauded her out of more than $800,000 in investments that went belly-up. The suit was filed Wednesday, June 8, 2016 in Los Angeles County Superior Court on behalf of Veritas Trust, of which the singer is the sole trustee. (Photo by Charles Sykes/Invision/AP, File) A

LOS ANGELES – Cher has sued a financial management partnership she claims defrauded her out of more than $800,000 in investments that went belly-up.

The suit was filed Wednesday in Los Angeles County Superior Court on behalf of Veritas Trust, of which the singer is the sole trustee.

It targets SAIL Venture Partners and related firms and accuses them of bundling Cher’s money into “risky and unsound” investments. The lawsuit alleges SAIL’s principals engaged in “malicious and fraudulent” behaviour.

Messages seeking comment from SAIL officials weren’t immediately returned Wednesday.

The suit seeks financial restitution and punitive damages but didn’t specify amounts.

Cher, whose performing career stretches back to the mid-1960s, last toured as a singer in 2014.

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