TD, WestLB Dodge Oppenheimer Suit Over Credit Agreement

Law360, New York (February 13, 2014, 4:55 PM EST) -- TD Bank NA and German bank WestLB AG on Monday escaped OppenheimerFunds Inc.’s suit claiming it stands to lose $65 million after the banks altered a credit agreement related to an investment in a failed ethanol plant, with a New York judge ruling the investment manager lacked standing.

At issue is an agreement in which OppenheimerFunds stipulated it would purchase $65 million worth of bonds issued by Bionol Clearfield LLC, an ethanol plant that was being built in Clearfield, Pa. The agreement was contingent on OppenheimerFunds'...
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