Bank's Late Fraud Suit 'Hopeless' But Not Frivolous: Judge

Law360, New York (January 30, 2012, 8:19 PM EST) -- Private equity firm Leeds Equity Partners IV LP lost a bid Monday to obtain sanctions against a Puerto Rico bank and its attorneys for what the fund called a frivolous suit over its purchase of educational institution and student-loan provider Instituto de Banca y Comercio Inc. in 2007.

Leeds and other defendants in the case, which is in the U.S District Court for the District of Puerto Rico, first asked the court to sanction FirstBank Puerto Rico Inc. and its attorneys from Martinez Odell & Calabria...
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