June 6, 2018 / 9:01 PM / 7 months ago

Texas energy company Murex must face FDIC lawsuit - ruling

The Federal Deposit Insurance Corp can proceed with a lawsuit accusing Texas-based energy marketing and distribution company Murex of contributing to losses at the defunct New Orleans-based First NBC Bank, a federal judge in Manhattan ruled.

In a decision on Tuesday, U.S. District Judge Paul Engelmayer said the FDIC adequately alleged that Murex misled First NBC about a complex $69 million investment the bank made in sham “receivables,” or money owed by a unit of Spanish renewable energy company Abengoa for purported ethanol sales.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2kRLQSs

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