11th Circ. Revives Funding Claims Over Failed Casino

Law360, New York (July 29, 2013, 2:35 PM ET) -- The Eleventh Circuit on Friday partially revived claims by more than 40 lenders and investors in the Las Vegas casino hotel resort Fontainebleau against Bank of America Corp., finding that the bank may have wrongfully dished out funding for the doomed $2.9 billion project.

BofA may have breached its disbursement contract when it failed to cut off funding to the hotel after learning about certain events that ultimately dealt deadly blows to the project, the appeals court found.

Game changers, including an increase in the project’s...
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