NY Court Upholds ING, Swedbank Win In Foreclosure Suit

Law360, New York (November 10, 2011, 3:56 PM EST) -- A New York appeals court on Thursday affirmed a lower court's decision allowing affiliates of ING Groep NV and Swedbank AB to foreclose a Manhattan property where RFR Holding LLC planned to develop a 60-story hotel tower.

RFR sought to develop 610 Lexington Ave. into a 60-story, Norman Foster-designed hotel, but those plans fell apart, according to court documents. The ING and Swedbank affiliates alleged that they had loaned RFR over $133 million for the development that needed to be paid back.

"Plaintiffs established prima facie...
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