Koudounis and Calamos sue Exin head again

Investors John Calamos and John Koudounis are accusing the head of the Exin group, Matthew Fairfield, of trying to eject them from the group and from efforts to acquire Ethniki Insurance, according to a new lawsuit the pair have filed at a Dutch court.

In this new legal action, the two Exin stakeholders accuse the third – and until recently their partner – of deliberately trying to exclude them from the Exin group and are demanding damages from Fairfield for losses which have yet to be determined.

This is the second lawsuit filed by Koudounis and Calamos, after the one submitted at an Illinois court in the United States through which they demand the payment of dues amounting to 41.7 million euros, granted to Fairfield through eight loan agreements.

In the new suit, the two Greek-American entrepreneurs make a detailed description of their cooperation with Fairfield for the creation of a new Exin insurance group with the three investors having equal stakes. The group’s objective would be a series of acquisitions, including the acquisition of the majority stake in AIG Greece, as well as the 75 percent of Ethniki, a claim which became possible thanks to the reputation Calamos and Koudounis have, they argue. The funds for the group were offered by Calamos in the form of a loan, with Fairfield issuing personal guarantees for their repayment, according to the suit filed.