Friday, February 27, 2015

'Racial motivation': Specter sues Nasdaq for China client

The ex-senator, in private practice, filed a complaint for CleanTech, which says it was kicked off the US market because it's Chinese

'Racial motivation': Specter sues Nasdaq for China client

Ex-US Sen. Arlen Specter, R-PA/D-PA, has hung out his legal shingle again and is now a private practice attorney.

Among his clients: CleanTech Innovations, a China-based wind energy company that sued the Nasdaq stock market after it was delisted from trading last year, Inquirer columnist Erin Arvedlund tells me.

CleanTech sued Nasdaq in federal court in New York last winter, alleging the stock market showed a "racial motivation" and discriminated against CleanTech and other Chinese companies when it delisted them. Nasdaq, like other stock markets, removes listed companies for failing to comply with price and governance rules. 

CleanTech hired New York law firm Fensterstock & Partners, along with Specter, to press its case. How’s that working out? In March, Fensterstock sued CleanTech – its own client – seeking over $400,000 in unpaid fees.  

Did Specter, at least, get paid? His office wouldn't tell Arvedlund.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at or 215 854 5194.

Joseph N. DiStefano
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