Mealey's Banking & Finance - Counterclaims Can Remain In Construction Loan Suit, Federal Judge Rules

Mealey's Banking & Finance - Counterclaims Can Remain In Construction Loan Suit, Federal Judge Rules

MINNEAPOLIS - A federal judge in Minnesota on March 4 refused to dismiss counterclaims from a suit arising from a dispute regarding a $140 million construction loan because the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) does not preclude the counterclaims (LNV Corp. v. Outsource Service Management LLC, et al., No. 13-1926, D. Minn.; 2014 U.S. Dist. LEXIS 27087).

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