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The suit was filed by a very shady character named Paul Hindelang, who claims that the Simon and Co. investment group tried to trick him by investing in his company, then taking it public. Some trick. Anyway, turns out that this Hindelang character was not exactly forthcoming about his background while taking the Simon and Co. money, and anyway, Bill Simon was not named as a party to the suit, and has been on a leave of absence from the firm for quite a while. Here's what the campaign has to say about it (sounds credible to me):

The Court Decision Is Fundamentally Flawed - The decision is fundamentally flawed and it is expected that the judge will set aside this judgment or it will be overturned on appeal.

Former Pacific Coin Executive Ed Hindelang Is A Convicted Drug Trafficker - When the company first invested in Pacific Coin, it engaged a number of independent consultants to conduct due diligence on the company. It was later discovered that Hindelang concealed facts about his background and was actually a convicted drug felon who had drug proceeds that were later forfeited to the federal government.

Hindelang Was Suspended As Soon As His Criminal Activities Were Known - The company immediately suspended him in December 1998; a thorough investigation confirmed his background as a drug dealer, which resulted in his termination in May 1999.

As an Assistant U.S. Attorney, Bill Simon Fought To Keep Drug Dealers Off the Street - When Bill Simon was a federal prosecutor, he fought to keep drug kingpins off our streets through asset forfeiture and enforcement of our criminal laws, and he certainly is intent on keeping them out of any businesses in which he’s involved.

Hindelang Is Exactly the Type of Criminal Simon Used to Pursue - Hindelang has admitted he was simultaneously negotiating his asset forfeiture at the same time he was negotiating to sell a partnership interest in Pacific Coin. Ed Hindelang, the individual involved in this lawsuit, is precisely the kind of criminal Simon used to pursue.