NRI Naveen Jain sues InfoSpace

Naveen Jain and his wife both the co-founders of InfoSpace Inc, has filed a law suit charging the company and its advisers with negligence and breach of obligations.

Naveen and Anu Jain said they had sued the Bellevue, Washington-based company and its former general counsel, brokerage J P Morgan Securities and stock transfer agent Mellon Investor Services, for a series of mistakes.

In a statement Naveen and his wife said, those mistakes led to a $247 million judgment against them for profiting illegally from selling the company's stock.