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Las Vegas casino resort suing major banks
 April 27, 2009, 8:42 am (10 months ago)A Las Vegas casino resort supplier is taking on main US banks in a multi-billion dollar legal suit in opposition to a conclusion to go back $800 million in agreed funding.
Fontainebleau Las Vegas LLC, which is building a main casino resort on the Las Vegas Strip, has started up the $3 billion lawsuit in opposition to some of the worldwide leading banks, such as the Bank of America, Merrill Lynch, JPMorgan Chase, Barclays, Royal Bank of Scotland, Sumitomo Mitsui, and Deutsche Bank.
Fontainebleau argues that the banks and other lenders unreasonably backpedaled on their contractual obligations to supply the company with about $ 800 million in arranged funding.
The lawsuit points out that Bank of America, JP Morgan Chase and some other lenders related in the lawsuit got tens of billions of dollars in federal bailout money that was intended to augment the flow of credit to businesses including Fontainebleau.
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