French Bank Off Hook For Debt Buyer's Defense Costs

Law360, New York (December 21, 2012, 4:23 PM ET) -- A French bank that sold its stake in a $300 million Freedom Communications Inc. loan can avoid for now paying the defense costs of the stake's buyer, which is fighting over proceeds now that Freedom has emerged from bankruptcy, a New York state appeals court ruled Thursday.

Credit Industriel et Commercial, an affiliate of France's Credit Mutuel, doesn't have to pay the litigation costs of Luxor Capital LLC even though CIC never funded its $4.5 million share of the $300 million loan, a four-judge panel said....
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