Fedders, Banks Hit With $150M Misconduct Suit

Law360, New York (March 31, 2008, 12:00 AM EDT) -- Creditors of bankrupt air-conditioner-maker Fedders North America Inc. on Thursday filed a lawsuit seeking up to $150 million in damages against several of Fedders' officers and outside lenders, who they say dragged Fedders into bankruptcy through various forms of misconduct.

The suit, which the creditors threatened in January, targeted CEO Michael Giordano and several members of his family, as well as the company's directors and four of its outside lenders — Goldman Sachs Credit Partners LP, Bank of America NA, General Electric Capital Corp. and Highland...
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