Beazer Homes Strikes First Against U.S. Bank

Law360, New York (August 22, 2007, 12:00 AM EDT) -- Hoping to beat U.S. Bank National Association to the punch, Beazer Homes USA Inc. has sued the financial institution in an attempt to thwart the bank from declaring the home builder in default on $1.38 billion in loans.

On Tuesday, Beazer revealed in a regulatory filing with the U.S. Securities and Exchange Commission that it was seeking intervention from the U.S. District Court for the Northern District of Georgia following a recent admission that it would be late filing its fiscal third-quarter results.

"The company is...
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