OppenheimerFunds Sues WestLB Over Altered Credit Deal

Law360, New York (November 30, 2011, 3:07 PM EST) -- OppenheimerFunds Inc. said in a lawsuit filed Tuesday that German bank WestLB AG altered a credit agreement related to an investment in a failed ethanol plant, which could result in the investment firm losing up to $65 million.

In a complaint filed in New York state court, OppenheimerFunds alleged that it reached an agreement with WestLB's New York branch in fall 2007 that OppenheimerFunds would purchase $65 million worth of bonds issued by Bionol Clearfield LLC, an ethanol plant that was being built in Clearfield, Pa....
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