Fla. City Immune From Suit Over Real Estate Loan Default

Law360, Miami (February 19, 2013, 7:53 PM EST) -- A Florida appeals court ruled Monday that the city of Freeport, Fla., has immunity from a negligence suit brought by Beach Community Bank over a defaulted $2.4 million loan to the developer of the city's failed Riverwalk real estate project secured with a fraudulent letter of credit.

A three-judge panel for the First District Court of Appeal agreed with the city's assertion of sovereign immunity on the grounds that its decisions in the matter fell under its discretionary rights and were protected from judicial interference. On...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.