Mario Gabelli vowed to fight a civil lawsuit and the Department of Justice's decision this week to assume control of the case, which charges him with setting up bogus companies to qualify for small-business and minority discounts on Federal Communications Commission cellphone licenses that the companies later sold for a profit of $206 million, Reuters reports.

The fact that the DOJ has now vowed to spearhead the lawsuit "in no way affects our determination to fight on and prevail on the merits," Gabelli said. Lanny Breuer, the lead lawyer for one of his companies charged in the suit, Lynch Interactive Corp., added that it was "outrageous" for the DOJ to now decide to get involved in the lawsuit after it said it would not do so when the suit was first filed five years ago.

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