LeEco sued by Vizio for essentially pawning the TV maker

Vizio files $110M lawsuit against LeEco over failed merger

Vizio's lawsuit claims that LeEco was never actually able to purchase the TV maker and mislead executives about the financial state of the company prior to the acquisition, and they were only trying to scoop up Vizio to look financially stable and gain access to the resources that the deal would bring. The deal was officially scrapped in April.

If that's not shady enough already, Vizio also claims LeEco's holding company "mischaracterized" the company's financials and that LeEco was going to, "use [the] publicly announced intended merger with Vizio to gain or try to obtain access to Vizio's large corporate customers and key decision makers thereat for their own purposes and by means of confidential customer information that had been developed ... and provide LeEco with access to VIZIO's confidential customer information, including contact information, account history, purchasing needs or requirements, contract terms, and the like". This past April, the two sides pulled out of the deal citing "regulatory headwinds".

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Vizio seeks $60 million in damages, claiming LeEco paid only $40 million of a $100 million termination fee and didn't live up to its end of a joint-venture agreement the companies struck after the failed merger. The lawsuit also claims that LeEco announced the merger as a means to gain access to Vizio's corporate customer database for its own goal. First, LeEco would bring some of Vizio's products to China. The company also believes that the aforementioned distribution agreement put in place after the acquisition fell apart appears to have been done simply to avoid having to pay the full $100 million termination fee.

In the second, $50-million lawsuit, Vizio is targeting one of LeEco's subsidiaries, Le Technology, which is based in California.

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