Hedge fund manager Phil Falcone and his Harbinger Capital Partners were sued by a New York woman who claims she and other investors were misled about the fund’s decision to put most of its money into LightSquared Inc.

Lili Schad, a Wallkill, NY, resident who said she invested $4 million with Harbinger, sued in New York federal court yesterday, claiming she wasn’t told that the fund was putting more than 60 percent of its money into LightSquared, a company attempting to build a high-speed wireless network.

Schad, who seeks to represent all limited partners in Harbinger Capital Partners Fund I LP, also claims she wasn’t informed that LightSquared’s plan to build the network faced obstacles from US regulators.

Lew Phelps, a spokesman for Harbinger Capital, didn’t return a message seeking comment on the suit.

The US Federal Communications Commission said Feb. 14 it won’t let LightSquared begin service because its signals interfere with GPS navigation of cars, boats and planes.

Harbinger Capital has invested $3 billion in the venture.