US Bank, Wells Fargo Escape $125M Chicago Hotel Loan Suit

Law360, New York (May 29, 2013, 4:52 PM EDT) -- Wells Fargo and U.S. Bank won dismissal Wednesday from a suit over a $125 million Chicago hotel loan's restructuring, but a New York state judge said an affiliate of Arbor Realty Trust Inc. must still face a contract claim from another junior lender.

Judge Jeffrey K. Oing dismissed most of the causes of action in the suit over P7 Owner LLC's allegations that it lost out on its junior stake in the $125 million loan for the 17-story James Hotel in downtown Chicago when Wells Fargo,...
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