Failed Development Spurs $26M Bond Insurance Suit

Law360, New York (August 3, 2009, 2:50 PM EDT) -- A North Carolina county has sued Bond Safeguard Insurance Co. seeking to recover more than $26 million in surety bonds meant to back a failed real estate development whose developer filed for Chapter 11 protection in 2008.

Rutherford County, a rural area located in southwestern North Carolina and home to around 64,000 residents, according to the U.S. Census Bureau, filed a lawsuit in the U.S. District Court for the Western District of North Carolina on Friday.

The county claims that the insurance company has paid only...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.