Prudential's $27M Suit Over Ethanol Plants' Sale Headed To Trial

Law360, New York (October 17, 2012, 7:22 PM EDT) -- A New York state judge ruled Wednesday that only a trial can determine if WestLB shortchanged Prudential Insurance Co. of America and two other lenders out of $27.1 million through the post-bankruptcy sale of two Midwestern ethanol plants to Valero Energy Corp.

Prudential and two of the other lenders, Metropolitan Life Insurance Co. and the New York branch of French bank Natixis, have alleged that WestLB, as the administrative agent of a multilender syndicated financing arrangement, structured the plants' sale to give a windfall to other...
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