Regions Bank Escapes Suit Over $34M RE Loan Default

Law360, New York (July 02, 2012, 5:18 PM ET) -- An Alabama state judge on Friday dismissed Regions Financial Corp. from a lawsuit accusing the bank of conspiring with a real estate investment trust to defraud its joint venture partner in connection with a $34 million loan for a Gulf Shores residential development.

SM Traditions Associates LLC, an entity created for investment in the planned apartment complex in a joint venture with Colonial Properties Trust Inc., argued that Regions purposely lent the companies more than the property was worth, conspiring to ultimately block SM out of...
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