Lenders Don't Owe Brokerage Fee On Energy Loan: 5th Circ.

Law360, New York (January 9, 2014, 6:23 PM EST) -- The Fifth Circuit on Wednesday reversed a lower court's decision finding that two financing firms were liable to pay a brokerage fee over a loan for a startup business in the oil and gas industry, saying that a provision in the loan agreement blocked payment.

A three-judge panel determined that a Texas federal court had erred in its decision because the borrower, Aruba Energy LLC, had gone into default, which triggered a provision in the loan agreement that made it so financing firms FCS Advisors Inc....
To view the full article, register now.




Case Information

Case Title

River Capital Advisors v. F.C.S. Advisors, Incorporated, et al

Case Number



Appellate - 5th Circuit

Nature of Suit

4370 Other Fraud

Date Filed

February 19, 2013

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.