5th Circ. Upholds KeyBank's Win In $202M Loan Default Row

Law360, Los Angeles (August 21, 2013, 9:35 PM EDT) -- The Fifth Circuit ordered a group of Louisiana development companies to pay $202 million to KeyBank NA after defaulting on loans for a massive mixed-use project, finding Wednesday that a lower court that determined the award had jurisdiction over the case.

A three-judge panel decided that the Ohio-based bank is the sole plaintiff and the only party allowed to pursue default remedies, after Perkins Rowe Associates LLC and its affiliates missed multiple payments on a 2006 loan totaling $170 million.

Perkins Rowe argued on appeal that...
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