Skip to Content

Prime Automotive settles suit, selling dealerships for $880M

KVIA

BOSTON (AP) — Massachusetts-based Prime Automotive Group has signed a $30 million settlement with ex-CEO David Rosenberg, who was fired after raising concerns about financial wrongdoing. The Portland Press Herald reported Monday that last week’s settlement cleared the way for Group 1 of Houston to purchase Prime Automotive from New York-based GPB Capital Holdings for $880 million. After his firing, Rosenberg moved to sell his shares in the company, but filed suit in Massachusetts alleging he wasn’t fully compensated for the sale. GPB Capital’s chief executive has been arrested and charged with defrauding investors, and GPB also faces civil lawsuits.

Article Topic Follows: AP Texas

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content