Wells Fargo Says RG Steel Creditors' Suit Doesn't Hold Up

Law360, Wilmington (March 29, 2013, 9:41 PM EDT) -- Wells Fargo Capital Finance LLC knocked RG Steel LLC’s unsecured creditors Friday for their renewed bid to sue Ira Rennert, the billionaire owner and chairman of the defunct steelmaker’s parent The Renco Group Inc., saying the new suit asserts baseless accusations against the bank.

On Feb. 22, RG Steel's official committee of unsecured creditors asked the Delaware bankruptcy court to rule it had standing to file a revised complaint alleging Rennert breached his fiduciary duties as the steelmaker descended into Chapter 11, claims that rely almost...
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