Lawsuit Dismissed

A lawsuit filed by the Pullman Group against Prudential Insurance last November was dismissed earlier this week, concluding a 10-month old lawsuit. David Pullman, the architect of the so-called Bowie Bonds, had his lawsuit dismissed by New York Supreme Court judge Justice Beatrice Shainswit. Shainswit found that Pullman lacked standing to sue for infringement of his claim of intellectual property rights on the grounds that any ownership interests belonged to the securities firm of Gruntal & Co. because Mr. Pullman developed his concept for intellectual property securitization while he was still a company employee. Included in the $2.5 billion lawsuit was RZO, the publishing/copyright arm for much of Bowie’s work.