Ned Lamont's wife, Ann Lamont, was sued for securities fraud in 1999 due to her role in the fall of an ill-fated IPO, according to GOP columnist Kevin Rennie, who passed the news on to Hotline. Plantiffs in the class-action suit alleged that the company undeestimated losses and used the money raised in the IPO to pay debt owed to their own companies. Lamont and other defendents paid $3,550,000 to shareholders in a settlement.

Ned Lamont's campaign manager says Ann Lamont owned no stock and received no compensation as a board member. The settlement details are sealed.