BofA Sues Nev. Developer Over $16.7M Loan Default

Law360, New York (September 9, 2009, 4:45 PM EDT) -- Bank of America NA has launched a suit against Marcello Airport Center LLC, claiming the Las Vegas real estate developer has failed to pay back the bulk of a $16.7 million property loan.

The banking giant filed a complaint Tuesday in the U.S. District Court for the District of Nevada, alleging Marcello Airport owes almost $11.2 million on the loan as of May 1, although the debt came due in December.

Marcello Airport took out a $15 million loan with LaSalle Bank NA, now a subsidiary...
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