BofA Didn't Breach Fontainebleau Lending Contract, Judge Says

Law360, New York (March 20, 2012, 8:20 PM EDT) -- A Florida federal judge on Monday cleared Bank of America NA of allegations in multidistrict litigation that the bank and other lenders unfairly cut off $1.85 billion in financing to bankrupt Fontainebleau Las Vegas Holdings LLC's casino resort project.

U.S. District Judge Alan S. Gold granted BofA's request for summary judgment, saying the plaintiffs — a group of term lenders that participated in loans related to the multibillion-dollar project on the Las Vegas strip — had not shown that the bank breached a disbursement agreement with...
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.