Vegas Developer Sues For $3B Over Failed Loan

Law360, New York (April 24, 2009, 12:00 AM EDT) -- Resort developer Fontainebleau Las Vegas LLC has sued several lenders — including Bank of America NA, JPMorgan Chase Bank NA and Deutsche Bank — for at least $3 billion over claims that they unfairly backed out of $800 million in funding commitments, leaving a casino-hotel project doomed to failure.

The developer filed the lawsuit Thursday in the District Court of Clark County, Nev., against the financial firms, which also included Barclays Bank PLC, the Royal Bank of Scotland PLC, Sumitomo Mitsui Banking Corp. New York, HSH...
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