Racetrack Not Liable In $1B DC Solar Ponzi Suit, Says Owner

Law360 (November 8, 2019, 4:20 PM EST) -- A lawsuit from SunTrust Equipment Finance & Leasing Corp. is improperly trying to hold International Speedway Corp. liable for an alleged $1 billion DC Solar Ponzi scheme, the racetrack owner told a Florida federal judge Thursday.

The owner of NASCAR and IndyCar racetracks is asking the judge to dismiss claims that it owes SunTrust $46 million under a subleasing agreement for mobile solar generators manufactured by the now-bankrupt DC Solar Distribution Inc., which has been accused by federal prosecutors of operating as a Ponzi scheme.

The subleasing agreement at issue was between ISC and DC Solar and did not create any contractual...

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