Prudential Sued Over Music-Backed Bond Deal

David Pullman, the creator of so-called Bowie Bonds, filed a $2.7-billion lawsuit against Prudential Insurance Co. of America and other firms, claiming he was cut out of a venture to sell bonds backed by music royalties. The suit, filed in New York Supreme Court, claims Prudential broke a joint-venture agreement with Pullman Group. Pullman pioneered the music-backed bond business in 1997, arranging a $55-million bond sale for David Bowie. Prudential bought all the Bowie bonds. Prudential later partnered with Charles Koppelman’s CAK/Universal Credit Corp. to sell music-backed bonds. In addition to Prudential and CAK, the suit names entertainment manager Rascoff/Zysblatt Organization and the Manhattan law firm Willkie Farr & Gallagher. It alleges that the four defendants violated fiduciary duties and stole Pullman’s trade secrets. Prudential spokesman Timothy Biggs said the allegations were “baseless.” Officials of Wilkie Farr, Pullman and Rascoff/Zysblatt didn’t return calls seeking comment. Koppelman’s office declined to comment.