Bank of America NA (BANA) was slapped with a breach-of-contract lawsuit on Wednesday in Pennsylvania Middle District Court. The lawsuit was brought by Babst, Calland, Clements and Zomnir and Michelman & Robinson on behalf of solar power facility constructor Sterling and Wilson Solar Solutions Inc. The suit seeks a permanent injunction prohibiting BANA from issuing a $24.34 million letter of credit to beneficiary, Montague. According to the complaint, Montague was prohibited from drawing on the BANA letter of credit unless Sterling defaulted on its development obligations under an executed engineering, procurement and construction agreement. Counsel have not yet appeared for the defendant. The case is 3:23-cv-01110, Sterling And Wilson Solar Solutions, Inc v. Bank of America, N.A.
Banking & Financial Services
July 06, 2023, 5:45 AM