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Wachovia Sues WL Homes, Insurer Over $10.5M Loan

Law360 (March 23, 2009, 12:00 AM EDT) -- Wachovia Bank NA has sued WL Homes LLC, accusing the bankrupt luxury homebuilder and an insurer of breach of contract, acting in bad faith and failing to repay $10.5 million secured by a loan agreement.

The suit, filed Friday in the U.S. District Court for the District of Delaware, claims the bank is entitled to cash collateral in an account that secured the loan and alleges the builder acted in bad faith when it claimed JLH Insurance — not WL Homes — controlled a deposit account...
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