Bank of America Inks $300M Deal to End Fontainebleau Case
After more than five years of litigation stemming from the collapse of the massive Fontainebleau casino project on the Las Vegas strip, Bank of America Corp. and a group of term lenders decided to pick up their chips and walk away.
February 26, 2015 at 10:16 AM
3 minute read
After more than five years of litigation stemming from the collapse of the massive Fontainebleau casino project on the Las Vegas strip, Bank of America Corp. and a group of term lenders have decided to pick up their chips and walk away.
On Wednesday, Bank of America disclosed in an regulatory filing that it agreed to pay $300 million to resolve allegations that the bank breached a disbursement agreement with a group of funds that provided $700 million in initial term loans to the Fontainebleau project.
For BofA and its lawyers at Munger, Tolles & Olson and O'Melveny & Myers, the deal marks the end of a long-running, expansive litigation that followed the mothballing of the huge Las Vegas project. The Fontainebleau was supposed to have more than 3,800 guest rooms, a casino, a convention center and other facilities, but the project's developers filed for bankruptcy protection in 2009. (It was later purchased by billionaire Carl Icahn, though construction remains uncompleted.)
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