Bank of America in $300 million Fontainebleau Las Vegas settlement

http://ift.tt/eA8V8J The bank, which had arranged a $1.85 billion credit facility, was accused of funneling money into Fontainebleau long after it should have known that financial prospects for the projected $2.9 billion project were worsening. Bank of America ultimately stopped funding construction after discovering alleged cost overruns. Located on the north end of the Las Vegas Strip, the Fontainebleau project was meant to include a 63-story glass skyscraper and feature a casino, a convention center, restaurants and bars, and more than 3,800 guest rooms. The plaintiff lenders included affiliates of hedge fund firm Avenue Capital Group and private equity firm Carlyle Group LP (CG.O), among many others, court records show.



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