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Sagicor Investments Jamaica Limited (SIJL) has filed a lawsuit against Cornerstone Financial Holdings Limited (CFHL) and its directors seeking damages in excess of US$4 million in connection with two recent rights issues.The suit, filed in the Supreme Court of Barbados on December 15, 2021, states that CFHL issued shares, valued more than US$6.00 per share, for a subscription price of less than US$0.01 per share, to only those of its shareholders who had participated in a rights issue in July 2020 by its affiliated company Cornerstone United Holdings Jamaica Limited (CUHJ).In a news release yesterday, SIJL said it did not participate in this rights issue. The company also said it is seeking an order "restraining the board of Cornerstone Financial Holdings Limited from again issuing shares at the same undervalued subscription price of less than US one cent, only to the band of shareholders who chose to participate in the rights issue of CUHJ in August 2021".The suit names CFHL as the first defendant; and joins Paul Simpson, Arnold Aiken, Hugh Coore, James Godfrey, Nigel Chen See, and Mark Myers as the other defendants.Yesterday, Myers told the Jamaica Observer that he and his fellow directors are aware that the suit has been filed, although they have not officially received it.He said, though, that there were two rights issues and that Sagicor had been threatening for some time to file the suit."The real question is what is it that they are up in arms about? What it is they have concers about? Because their representatives, in the case of the first rights issue, voted for it, and then subsequently with the second rights issue under the same exact conditions they voted against it. But regardless, the majority of the shareholders voted for it and it went through," Myers said.