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Saturday, April 05, 2008 --- 41 days ago http://www.charlotteobserver.com/business/story/567608.html
| Charlotte-based Wachovia Corp. and five other banks sued Clear Channel Communications Inc. a week after Bain Capital LLC and Thomas H. Lee Partners LP sued the banks for refusing to fund their $19.5 billion purchase of the radio broadcaster.The banks, suing in New York state court, stand to lose at least $2.7 billion because loan prices have fallen since they agreed to finance the transaction last April. The banks that filed a countersuit Friday are Wachovia, Citigroup Inc., Credit Suisse Group, Morgan Stanley and Royal Bank of Scotland Group Plc. Deutsche Bank AG filed a separate countersuit, said Tom Johnson, a spokesman for the banks. Bain and Thomas H. Lee were granted a request Thursday by New York Supreme Court Judge Helen Freedman in Manhattan for a May 5 trial over claims that the banks reneged on funding the deal. Bain and Thomas H. Lee, both based in Boston, claimed the banks breached their funding commitments. Clear Channel joined the private-equity firms in the suit filed in Texas state court in San Antonio, where the company is based. -- bloomberg news TIAA-CREF names chief executive Pension giant TIAA-CREF, which has a major Charlotte presence, named former Federal Reserve Board vice chairman Roger Ferguson chief executive, effective April 14. Ferguson, most recently head of financial services at Swiss Re, replaces Herbert Allison, who is retiring. New York-based TIAA-CREF, formally know as the Teachers Insura ... |
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