Oil Co. Told To Pay Comerica $4M In Loan Default Suit

Law360, New York (March 17, 2009, 12:00 AM EDT) -- A federal judge has ordered Pennsylvania-based fuel distribution company State Petroleum Distributors Inc. to pay Comerica Bank $4.1 million for defaulting on a loan.

Following a bench trial held in January, Judge Edwin M. Kosik of the U.S. District Court for the Middle District of Pennsylvania entered a judgment on Monday in favor of Comerica, ruling that State Petroleum had failed to prove that Comerica had waived its right to full compliance with the loan agreement.

He ordered the company to pay the $4.1 million balance...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.