Aborted $13M Exchange Offer Could Cost Cohen $427M

Law360, New York (August 3, 2010, 2:35 PM EDT) -- Cascade Bancorp has sued Cohen & Co. Inc. for $427 million, saying the financial management firm is in violation of a $13.3 million exchange agreement for trust preferred securities Cascade says it needs to go through in order to survive.

According to a complaint filed Monday in the U.S. District Court for the District of Oregon, Cascade needs the exchange offer to go through in order for it to gain access to about $175 million in private funding aimed at bolstering its capital reserves.

Bend, Ore.-based...
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