BofA Exits Fountainebleu Lender Liability Suit In 11th Circ.

Law360, New York (August 7, 2012, 12:49 PM EDT) -- The Eleventh Circuit on Monday dismissed a suit over Bank of America NA's decision to cut off $1.85 billion in financing for floundering Las Vegas casino and hotel Fontainebleau after the parties reached a settlement agreement.

BofA, the administrative and disbursement agent on the loans, and 10 banks that contributed to the package will pay $375,000 collectively into a settlement fund. The other lenders are JP Morgan Chase Bank NA, Barclays Bank PLC, Royal Bank of Scotland PLC, Merrill Lynch Capital Corp., Sumitomo Mitsui Banking Corp.,...
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