Developer Not Entitled To $8M For AIG Tower Work, Bank Says

Law360, New York (August 23, 2012, 5:29 PM EDT) -- A South Korean bank told a New York state judge Thursday that a developer isn't entitled to $7.7 million in fees for its work redeveloping American International Group Inc.'s former Wall Street headquarters because it never invested an allegedly agreed-upon $50 million in the project.

Matthew J. MacLean of Pillsbury Winthrop Shaw Pittman LLP, who represents Kumho Investment Bank, told Judge Eileen Bransten that Frank Sciame of Sciame Development Inc. met with Kumho Investment Bank in December 2010 to discuss the terms of a development deal...
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