Sports PE Firm That Raised $300 Million Sued by Bank Rival (1)

Sports-focused Bluestone Equity Partners LP and its founder were accused of stealing trade secrets by recruiting a boutique investment banker who allegedly took confidential information that the private equity firm used to raise $300 million earlier this year.

Bluestone and founder Sharad “Bobby” Sharma were sued in New York federal court Friday by boutique bank Inner Circle Sports LLC, which similarly focuses on sports deals.

The bank claims Sharma convinced its former employee, Kyle Charters, to secretly work with him for more than a year — while the latter was still at Inner Circle being paid $1.25 million ...