Banks Sued For $200M Over Retiree Village Loans

Law360, Philadelphia (May 1, 2013, 2:43 PM EDT) -- A group of developers said in Pennsylvania state court Tuesday that Sovereign Bank NA and HSH Nordbank AG broke commitments to finance a suburban Philadelphia retirement community, causing them to go bankrupt and miss out on more than $200 million in potential profit.

Roskamp Management Co. LLC and others contend the banks concealed an internal decision to renege on commitments to finance a project called Whiteland Village, after the plaintiffs had already spent millions of dollars to move the development forward. They also allege that two...
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