Avenue CLO Fund, Ltd., et al. v. Bank of America, N.A.; Merrill Lynch Capital Corporation; JPMorgan Chase Bank, N.A.; Barclays Bank PLC; Deutsche Bank Trust Company Americas; The Royal Bank of Scotland PLC; Sumitomo Mitsui Banking Corporation; Bank of Scotland; HSH Nordbank AG; MB Financial Bank N.A.; Camulos Master Fund LP
Published: Apr. 4, 2015 | Result Date: Feb. 3, 2015 | Filing Date: Jan. 1, 1900 |Case number: 2:09-cv-01047-KJD-PAL Settlement – $300,000,000
Court
USDC Nevada
Attorneys
Plaintiff
Kirk D. Dillman
(McKool Smith Hennigan PC)
Caroline M. Walters
(McKool Smith)
J. Michael Hennigan
(McKool Smith Hennigan PC)
Defendant
Grant A. Davis-Denny
(Munger, Tolles & Olson LLP)
Brad D. Brian
(Munger, Tolles & Olson LLP)
Experts
Plaintiff
Donald R. Boyken
(technical)
Peter V. Badala
(technical)
Christopher M. James
(technical)
Daniel A. Lupiani
(technical)
Saul Solomon
(technical)
William H. Dial
(technical)
Facts
Plaintiffs are term lenders who entered into a Credit Agreement for the development and construction of the Fontainebleau Resort and Casino in Las Vegas. Plaintiffs filed suit against Bank of America NA, Merrill Lynch Capital Corp., JPMorgan Chase Bank NA, Barclays Bank PLC, Deutsche Bank Trust Co. Americas, The Royal Bank of Scotland PLC, Sumitomo Mitsui Banking Corp., Bank of Scotland, HSH Nordbank AG, MB Financial Bank NA, and Camulos Master Fund LP, claiming breach of contract.
Contentions
PLAINTIFFS' CONTENTIONS:
Plaintiffs claimed defendants improperly disbursed hundreds of millions of dollars of loan proceeds in breach of its obligations as Disbursement Agent.
Result
The parties settled for $300 million.
Other Information
MEDIATOR: Hon. Daniel Weinstein, ret. FILING DATE: June 9, 2009.
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