Four businessmen back $29m loan tied to Ponzi scheme; bank wins no damages
In a significant legal decision, a Texas appeals court has affirmed a lower court's ruling regarding PlainsCapital Bank's unsuccessful attempt to recoup funds related to a $29 million loan guarantee associated with a Ponzi scheme. Despite the bank conceding contract defenses, the evidence presented was deemed inadequate for the guaranteed sum, highlighting the bank's inability to substantiate…
We haven't written up this one. Times of India has the full story — the link below goes straight to it.
