SINGAPORE (Mar 21): Noble Group is being sued by one of its top shareholders in a fresh blow to the embattled commodities trader as it defaults on debt obligations.

Goldilocks Investment Co. filed a lawsuit Tuesday in the Singapore High Court against the company and executives, including founder Richard Elman, alleging the trader inflated profits to raise money, according to a copy of the writ of summons seen by Bloomberg.

Separately, S&P Global Ratings cut Noble’s credit score to a level signifying default after it said the trader missed principal and interest payments on dollar-denominated bonds due Tuesday.

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