Phil Falcone, the man behind the failed LightSquared wireless venture, has sued DISH Network and its chief Charlie Ergen for $4 billion through Falcone's Harbinger Capital Partners hedge fund claiming fraud. In a U.S. Bankruptcy Court filing, Harbinger alleged Ergen tried to illicitly buy LightSquared by quietly buying up the company's debt through Ergen's own hedge fund. Ergen conceded his interest in buying LightSquared but insisted on Monday that "a lot of the stuff is done external to me" through a special corporate committee.

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