Trafalgar Asks 2nd Circ. To Undo $22M Loss To US Bank

Law360, New York (September 16, 2013, 7:17 PM EDT) -- Hydroelectric power plant owner Trafalgar Power Inc. on Monday asked the Second Circuit to reverse its loss in a $22 million suit against U.S. Bank NA, arguing the bank violated its fiduciary duty in a dispute between Trafalgar and a plant operator.

A lawyer for Trafalgar said U.S. Bank, a security trustee on notes Trafalgar issued to finance the development of hydro plants in New York, breached a fiduciary duty it owed when it sided with the plants’ operator, Algonquin Power Corp.

The district judge wrongly...
To view the full article, register now.