RBC Asks Texas Court To Axe $28M Securities Judgment

Law360, Dallas (June 11, 2013, 8:57 PM EDT) -- A Royal Bank of Canada unit Tuesday asked a Texas state court judge to throw out a $28 million judgment or order a new trial after a jury found it had had breached a distressed debt sale agreement with Highland Capital Management LP when it pulled out of a securities trade.

RBC Capital Markets LLC said Highland did not show evidence at a March trial to proved it had reached a binding trade for seven promissory notes issued by a financially troubled McNaughton Apparel Group Inc.,...
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