Vinod Gupta has long had a close relationship with former President Bill Clinton and U.S. Sen. Hillary Clinton, D-N.Y. The suit claims that Gupta mismanaged his company, infoUSA -- and that part of that mismanagement was using company funds to pay Bill Clinton large consulting fees and to provide private planes for the couple, together and separately, The New York Times reported.

The suit was filed by two hedge funds, Dolphin Limited Partnership and Cardinal Capital Management, both based in Connecticut.

Last week, the Times reported that infoUSA had sold mailing lists under titles that were almost an invitation to con artists. "Suffering Seniors," for example, was a list of elderly people with Alzheimer's disease or cancer.