Former VP Al Gore suing Al Jazeera after network sale

Former VP Al Gore suing Al Jazeera after network sale

The former US Vice President claims the network owes its shareholders millions of dollars

A little more Middle Eastern unrest: Al Gore is now suing the Middle Eastern news network Al Jazeera, following its $500 million purchase of his Current TV cable channel.

He is accusing the network of fraud and breach of contract. The former Vice President and Current TV co-owner, Joel Hyatt, are suing on behalf of all the selling shareholders. According to a statement from David Boies, Al Jazeera has allegedly refused to turn over “tens of millions of dollars” remaining in an escrow account and still owed to the selling shareholders of Current TV.

“Al Jazeera America wants to give itself a discount on the purchase price that was agreed to nearly two years ago,” Boies said in a statement. “We are asking the Court to order Al Jazeera America to stop wrongfully withholding the escrow funds that belong to Current’s former shareholders.”

The complaint was filed under seal in the Delaware Court of Chancery— another thing that Gore’s lawyer has a problem with. “”Despite being a news organization, Al Jazeera America has said that the full complaint should be kept from the public file,” He said. “We have therefore filed the complaint under seal until the Court can resolve this issue.  We expect that the Court will reject Al Jazeera America’s argument.”

Gore and businessman Joel Hyatt launched Current in 2005 to compete with other cable news networks. It eventually grew it to reach about 60 million homes. The company struggled financially before agreeing to sell it. Eventually, Al Jazeera agreed to pay about $500 million to buy Current last year, in their attempt to break into the US market. The network re-launched Current as Al Jazeera America last year.

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