Kasowitz, Benson, Torres & Friedman has been doing its part to keep defense lawyers employed in these hard economic times. For instance, in a case we first wrote about in April, the firm filed a $3 billion suit against a whole slew of banks, including Bank of America, Merrill Lynch, JPMorgan Chase, Barclays and Deutsche Bank, claiming they reneged on loan agreements to fund a revolving credit facility for a multibillion-dollar Las Vegas casino called Fontainebleau.
On Aug. 26, the banks (and their lawyers) got good news. Miami federal district court Judge Alan Gold denied Fontainebleau’s motion for partial summary judgment, as well as its motion for an order requiring the banks to immediately provide $656 million in funding to finish the project. Judge Gold ruled that the banks, not Fontainebleau, correctly read the lending contract at the heart of the case. “Defendants are legally correct in their interpretation of the credit agreement as a matter of law,” Gold wrote. [Hat tip to the Las Vegas Sun.]
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