Developer Sues Citizens Bank For $8B Breach

Law360, New York (January 28, 2010, 5:44 PM EST) -- A Philadelphia-area commercial real estate developer has sued Citizens Bank of Pennsylvania and Citizens Financial Group Inc. for $8 billion in damages for allegedly going back on their financing for major brownfield redevelopment projects, for which the bank has secured several multimillion-dollar judgments against the developer.

The Royal Bank of Scotland Group PLC unit advanced more than $180 million for the developer's various projects over the past eight years, but recently embarked on a campaign to raise and recover capital “by any means necessary — whether...
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