NEW YORK (Reuters) - Luxury hotel and resort developer Donald Trump sued Deutsche Bank and several other banks on Monday, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of Trump International Hotel and Tower in Chicago.
The unfinished 92-story complex that would be the second-tallest building in the United States behind Chicago's Sears Tower was due for completion in mid-2009.
Trump has been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank, The Wall Street Journal reported last Friday.
They include a unit of Merrill Lynch & Co, Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc, and a division of Highland Capital Management LP.
Tuesday, November 11, 2008
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