US Bank, LNR Escape Suit Over $335M Real Estate Loan

Law360, New York (April 2, 2013, 7:34 PM EDT) -- A New York state judge has dismissed property investment company Empire Group Holdings LLC's seeking to forestall U.S. Bank NA and LNR Partners LLC from foreclosing a $335 million loan, saying Empire offered no proof that lenders violated terms of the credit agreement.

New York Supreme Court Judge O. Peter Sherwood said the complaint lacks allegations that Empire, which defaulted on the loan in 2010, performed under the contract. Ruling from the bench in a Manhattan courtroom, Judge Sherwood suggested LNR Partners and U.S. Bank were...
To view the full article, register now.