Commerzbank Pares Suit Over $275M Movie Loan

Law360, Los Angeles (October 26, 2011, 7:46 PM EDT) -- A California judge on Wednesday tossed First California Bank’s claims that Commerzbank Aktiengesellschaft breached a contract and its fiduciary duties by failing to provide timely information about the depreciating value of a Spyglass Entertainment Funding LLC film library securing a $275 million credit facility.

“FCB must not only present admissible evidence that Commerzbank breached a duty owed to FCB as administrative agent [of the credit facility], but FCB must also present evidence that Commerzbank’s purported breach amounts to ‘gross negligence or willful misconduct’,” the German bank...
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