Highland Capital Targets RBC For $47M Over Failed Deal

Law360, Dallas (March 5, 2013, 5:45 PM EST) -- Highland Capital Management LP on Tuesday told a Texas state jury a Royal Bank of Canada unit wrongfully backed out of a distressed debt deal and is liable for more than $47 million in damages, in a case it says has the potential to dramatically impact the securities industry.

In opening arguments, Highland argued RBC Capital Markets LLC made a binding oral agreement to sell it seven promissory notes issued by McNaughton Apparel Group Inc. worth about $45 million on their face for 52.5 cents on...
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