Pistons Owner Gores Settles, Drops Suit Over Business He Bought

A private equity affiliate of Tom Gores, billionaire owner of the NBA’s Detroit Pistons, has settled its fraud lawsuit against the former owners of a gift card business it bought for $195 million in 2019, according to court filings in Delaware.

Vice Chancellor Paul A. Fioravanti Jr. dismissed the case late Tuesday, a few hours after the two sides indicated in a joint stipulation that they’d resolved their dispute over the sale of PLI Holdings Inc. to an entity backed by Platinum Equity Advisors LLC. Gores, who founded Platinum Equity, is worth about $8 billion, according to the Bloomberg Billionaires ...