Wells Fargo Sues Babcock Fund Over $194M Loan

Law360, New York (January 30, 2013, 2:17 PM EST) -- Wells Fargo Bank NA has hit funds related to disbanded investment firm Babcock & Brown LP with a $197 million contract suit in Texas federal court, seeking to recover rents and other income from 20 U.S. real estate complexes that served as collateral for a loan Babcock allegedly defaulted on.

The national bank claimed that Alliance PP2 FX4 LP, a Delaware-incorporated fund owned by affiliates of Babcock, defaulted on a $194 million commercial real estate loan in February 2012. Wells Fargo, which purchased the loan from...
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