Fedders, Banks Hit With $150M Misconduct Suit

Law360, New York (March 31, 2008, 12:00 AM EDT) -- Creditors of bankrupt air-conditioner-maker Fedders North America Inc. on Thursday filed a lawsuit seeking up to $150 million in damages against several of Fedders' officers and outside lenders, who they say dragged Fedders into bankruptcy through various forms of misconduct.

The suit, which the creditors threatened in January, targeted CEO Michael Giordano and several members of his family, as well as the company's directors and four of its outside lenders — Goldman Sachs Credit Partners LP, Bank of America NA, General Electric Capital Corp. and Highland...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.