Developer Sues FDIC For $2.4M Over Failed Vegas Project

Law360, New York (November 10, 2011, 3:45 PM EST) -- Westwind Meranto LLC sought $2.4 million in damages from the Federal Deposit Insurance Corp. in Nevada federal court Thursday, claiming the FDIC broke a loan contract from a bank it had taken over, causing Westwind’s Las Vegas development project to fail.

Westwind Meranto claims the government regulator and Silver State Bank, which the FDIC took over in 2008, didn't provide a loan payment for $170,572 made before the bank collapsed. The FDIC also failed to sufficiently communicate its takeover of the bank and continued to seek interest payments on loans already provided,...
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