Icahn Sues AmTrust Directors Over Going-Private Transaction

Billionaire investor Carl Icahn sued the directors of AmTrust Financial Services Inc., Chief Executive Officer Barry Zyskind and the family that controls the insurer to challenge a plan to take the insurer private, arguing it will shortchange investors. Icahn, who owns a 9.4 percent stake in Amtrust, says the going-private deal unfairly benefits the controlling Karfunkel family at the expense of public stockholders. Last week, Icahn wrote to AmTrust’s board to protest the deal struck in March by Stone Point Capital LLC, the Karfunkel family and Zyskind to buy the company.