RBC Asks Jury To Let It Off The Hook For Failed $45M Trade

Law360, Dallas (March 12, 2013, 7:08 PM EDT) -- A Royal Bank of Canada brokerage unit on Tuesday told a Texas state jury it's not bound to fulfill a $45 million distressed debt deal with Highland Capital Management LP because it never confirmed the essential terms of the trade.

In its closing arguments after a week-long trial, RBC Capital Markets LLC said the deal it struck to sell Highland discounted promissory notes with a face value of $45 million was only conditional and that when the owner of the notes pulled out of the sale,...
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