Trafalgar Brings Loan Trustee Breach Suit To 2nd Circ.

Law360, New York (February 24, 2012, 3:51 PM EST) -- Hydroelectric plant owner Trafalgar Power Inc. on Thursday appealed the dismissal of its complaint claiming U.S. Bank NA wrongly disbursed funds to the plant operator that owned the loan Trafalgar used to finance its New York plants.

U.S. Bank did not have any fiduciary obligation to Trafalgar as the security trustee holding the power company's loan notes under an indenture arrangement, U.S. District Judge David N. Hurd said in an order of dismissal Tuesday.

The Delaware-based power company did not offer any reasons in Thursday's notice...
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