N.Y. Judge Gives Green Light To Clear Channel Trial

Law360, New York (May 8, 2008, 12:00 AM EDT) -- A New York state judge has rebuffed an effort by six big banks to toss a lawsuit by private equity firms that claim the banks reneged on promises to fund a nearly $20 billion deal to acquire Clear Channel Communications.

New York State Supreme Court Justice Helen E. Freedman said Wednesday that claims of breach of contract against Citigroup, Morgan Stanley, Credit Suisse, Royal Bank of Scotland, Wachovia and Deutsche Bank,can move forward. However, she threw out a claim that the banks acted in bad faith....
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