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Universal American , GTCR sue each other over healthcare deal

Healthcare benefits provider Universal American Corp sued private equity firm GTCR LLC on Tuesday to undo a $222.3 million acquisition it said was induced by fraud, a day after GTCR filed its own lawsuit to block Universal's claims.The dispute goes to the heart of the business of the private equity industry, where firms buy companies and hope to sell them later at a profit. Finding interested buyers and avoiding the taint of fraud are crucial to a firm's ability to earn big profits for itself and its investors.In a complaint filed on Tuesday in the U.S. District Court in Delaware, Universal claimed that GTCR misled it about the finances and business prospects of APS Healthcare Inc ("APS"), a healthcare management services provider it bought in March 2012.Universal said "the ugly truth" emerged soon thereafter, with APS being declared in default by its biggest customer and losing some or all of its business with other large customers."Defendants engaged in a deliberate campaign to conce...

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