Developer Must Face Fraud Suit Over $675M Loan: 11th Circ.

Law360, New York (January 25, 2013, 7:30 PM EST) -- The Eleventh Circuit on Friday revived a suit against a luxury Bahamas resort developer and its financial partner, saying fraud claims tied to a $675 million Credit Suisse AG loan are not subject to a forum-selection clause agreement.

A three-judge panel said the district court wrongly dismissed the case based on a forum-selection clause in the purchase contracts that the plaintiffs signed for units in the Bahama resort. The buyers, who are unhappy that certain amenities have not been delivered and that the resort remains mostly...
To view the full article, register now.