Lenders Target Oppenheimer Over $1.8B Loan Breaches

Law360, Washington (July 18, 2011, 5:31 PM EDT) -- A group of lenders sued OppenheimerFunds Inc. and two affiliates in New York state court on Friday, alleging they breached contracts and concealed that they didn't meet certain preconditions for loans in order to wrongfully procure a total of $1.8 billion.

The plaintiffs — TSL USA Inc., Bryant Park Funding LLC, Liberty Street Funding LLC, Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Rabobank Nederland New York Branch, Credit Agricole Corporate and Investment Bank and Royal Park Investments SA/NV — claim that Oppenheimer created the smaller affiliates to earn profits...
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