Steak ’n Shake Inc. is suing Fortress Investment Group in an Indiana court, accusing the investment firm of misusing confidential business information in a scheme to take control of the restaurant chain’s assets.
Fortress obtained financial information about Steak ’n Shake in mid-2020 during negotiations for a potential real estate deal, then used the knowledge to inform an attempt to buy the company’s loans, force it into bankruptcy and acquire the chain through a so-called credit bid, the lawsuit alleges.