BofA Sues RE Mogul Over $17.6M In Loan Defaults

Law360, New York (June 7, 2012, 1:31 PM EDT) -- Bank of America NA filed a breach of contract suit against real estate mogul Kent Swig and his wife Elizabeth in New York state court Monday, asking the court to award it ownership of an Upper East Side apartment that was collateral for $17.6 million in defaulted loans.

Bank of America claims that the Swigs have been in default since September 2009 on both a $4.8 million loan that was consolidated in 2007 and a $12.8 million loan taken out in January 2009. Both loans were...
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