Crews Wants $8M Bond Suit Over Housing Project Nixed

Law360, New York (October 20, 2011, 3:24 PM EDT) -- Crews & Associates Inc. sought Wednesday to dismiss a case in Louisiana accusing the investment bank of negligence in underwriting a proposed housing development that was scrapped when it was revealed to be near a World War II bombing range, costing $7.7 million in bond defaults.

Crews said the AllianceBernstein LP bond funds never asked them for an environmental assessment and performed their own independent research on the 324-acre property in eastern Louisiana. Additionally, it said such studies are usually conducted, if at all, when a...
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