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NEW YORK (Reuters) - Former hedge fund manager Philip Falcone has been sued for more than $65.8 million after he allegedly defaulted on a series of loans and improperly sold some of the underlying collateral, including an Andy Warhol painting. FILE PHOTO: Philip Falcone, chief executive officer and chief investment officer for Harbinger Capital Partners, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus. In papers filed on Friday with the New York State Supreme Court in Manhattan, Melody Business Finance LLC said Falcone and several business affiliates have reneged on their obligations to repay the loans, which date from 2013 to 2017. Full story

22 February