US Bank Wrongfully Foreclosed On LA Skyscraper, Suit Says

Law360, New York (April 16, 2013, 9:33 PM EDT) -- The bankrupt owners of a Los Angeles skyscraper launched a breach of contract suit against U.S. Bank NA on Monday, claiming the bank wrongfully foreclosed on the downtown LA building and withheld payments set aside for tenant improvements and leasing commissions expended by the owners.

Figueroa Tower I LP and its fellow now-defunct entities Figueroa Tower II LP and Figueroa Tower III LP, claimed that, between 2009 and 2011, U.S. Bank declared a number of defaults under the agreements related to a $62 million loan for...
To view the full article, register now.