Merrill, Others Sued Over $335M Property Loan Foreclosure

Law360, New York (August 6, 2012, 9:19 PM EDT) -- Merrill Lynch Mortgage Lending Inc., U.S. Bank NA and LNR Partners LLC were sued in New York state court Monday for allegedly trying to illegally foreclose on a $335 million property loan.

Empire Group Holdings LLC blasted the banks, which own the note, claiming that allowing LNR to take over as loan servicer is in direct breach of an agreement the real estate investment firm and its affiliates signed that stipulated that any affiliate of developer Lennar Corp. could not be named as servicer.

Empire is...
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