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...
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