Credit Suisse Blasts Bank's $22M Contract Suit

Law360, New York (March 16, 2010, 1:43 PM EDT) -- Credit Suisse AG has sought to dismiss Sumitomo Mitsui Banking Corp.'s claims that it broke a contract by withholding SMBC’s $22 million share of Capmark Financial Group Inc.’s repayment on a $5.2 billion bridge loan extended by Credit Suisse and other lenders.

SMBC is seeking a windfall recovery that is fundamentally at odds with the 2006 loan participation agreement through which the Japan-based bank purchased a $200 million slice of Credit Suisse’s interest in the bridge loan, Credit Suisse said in its motion to dismiss filed...
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