Freedom Debt Buyer Wants French Bank To Foot Defense Bill

Law360, New York (November 28, 2012, 7:30 PM EST) -- The French bank that sold its stake in a $300 million Freedom Communications Inc. loan should have to cover defense costs for the stake's buyer, which is battling over proceeds now that Freedom has emerged from bankruptcy, an attorney told a New York appeals court Wednesday.

Credit Industriel et Commercial, an affiliate of France's Credit Mutuel, should have to pay Luxor Capital LLC's litigation costs because it never funded its share of the $300 million loan, according to Luxor attorney Peter J. Gallagher of Porzio Bromberg...
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