FCCD Drops Suit Against State Street Over $65M Loan

Law360, New York (May 25, 2011, 6:40 PM EDT) -- Irish financial services firm FCCD Ltd. on Tuesday dropped a breach of contract lawsuit against State Street Bank and Trust Co. that it brought to determine who owned a troubled $65 million real estate development loan.

The case — brought in March 2010 over allegations that State Street ignored a contractual obligation to give FCCD control of a loan intended to finance a resort in Mexico — ended with U.S. District Judge Denise L. Cote's approval of an FCCD request that the matter be dismissed....
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