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.
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