11th Circ. Backs BofA In Fight Over $1B Vegas Hotel Funding

Law360, New York (February 20, 2013, 8:22 PM EST) -- The Eleventh Circuit on Wednesday rejected claims by more than 40 lenders and investors in the Las Vegas casino and hotel Fontainebleau that Bank of America Corp. wrongfully cut off over $1.2 billion in funding for the doomed project, affirming two lower courts' decisions.

The three-judge panel found that Bank of America, which served as the administrative and disbursement agent on revolving loans attached to the project, had correctly interpreted a credit agreement when, in March 2009, it refused to disburse more than $1.2 billion to...
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