NY Court Upholds ING, Swedbank Win In Foreclosure Suit

Law360, New York (November 10, 2011, 3:56 PM EST) -- A New York appeals court on Thursday affirmed a lower court's decision allowing affiliates of ING Groep NV and Swedbank AB to foreclose a Manhattan property where RFR Holding LLC planned to develop a 60-story hotel tower.

RFR sought to develop 610 Lexington Ave. into a 60-story, Norman Foster-designed hotel, but those plans fell apart, according to court documents. The ING and Swedbank affiliates alleged that they had loaned RFR over $133 million for the development that needed to be paid back.

"Plaintiffs established prima facie...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.