A U.S. District Court in the Middle District of Florida denied a motion to dismiss a defamation and anticompetitive conduct lawsuit filed by Abacus Global Management, Inc. (NYSE: ABX) against Coventry First LLC and its chairman, Alan Buerger, allowing the case to proceed to depositions.

The court found that Abacus had plausibly alleged claims of defamation and anticompetitive conduct, including what the court described as a "scheme to destroy Abacus." Depositions of top Coventry executives, including Buerger, are now set to move forward.

Abacus filed the lawsuit in July 2025, alleging that Coventry and Buerger engaged in a coordinated effort to spread false and misleading statements about the company to regulators, auditors, market analysts, customers, investors, and the public. Abacus claims the campaign was intended to cause financial and reputational harm to the company and its shareholders.

CEO Jay Jackson said in a statement: "The court wiped away any impediment to this case going forward and confirmed we've presented real, credible, and plausible information about a scheme to destroy Abacus through malfeasance."

Abacus is seeking hundreds of millions of dollars in economic and punitive damages, some of which the company says are still accruing, related to alleged harm to its reputation, customer base, and investor relationships. The company is represented by Quinn Emanuel Urquhart & Sullivan LLP.