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Former syndicated "Follow the Money" host Pat Kiley, who was targeted by the SEC after promoting investment opportunities that turned out to be fraudulent, has filed a $42 million lawsuit against the two Minneapolis newspapers, the Star Tribune and the Pioneer Press. He filed the lawsuit in Minneapolis' U.S. District Court Monday, which also included his co-host, reports the Business Journal.

In his suit, Kiley says he was unaware that former money manager Trevor Cook's currency trading scheme was a fraud while promoting it on his show. Cook admitted running the $190 million Ponzi scheme in April and is scheduled to be sentenced later this month. Kiley who was not been indicted, said he, like his listeners, was conned by Cook.

Kiley is accusing the media of defaming him after the SEC named him as a Cook co-defendant in a civil action. In its complaint, the SEC said Cook and Kiley sold the unregistered investments through shell companies.

Kiley is asking for the Star Tribune to pay damages of $6 million, the Pioneer Press $3 million and his former co-host Bob Chapman $10 million. The suit also names several reporters. In all, Kiley's suit requests $42 million in damages from the media and Cook and Kiley associates. (07-20-10)

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