November 8, 2018 / 10:33 PM / 8 days ago

FDIC cannot add N.Y. law claim to lawsuit against Murex - ruling

A federal judge in Manhattan has rejected the Federal Deposit Insurance Corp’s bid to broaden its lawsuit accusing Texas-based energy marketing company Murex of contributing to losses at the defunct New Orleans-based First NBC Bank.

In a decision on Wednesday, U.S. District Judge Paul Engelmayer rejected the FDIC’s motion to add claims that an alleged fraud by Murex violated New York’s deceptive trade practices act. The FDIC’s lawsuit accuses Murex of inducing First NBC to buy $69 million of worthless “receivables,” or money supposedly owed for ethanol sales that never occurred.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2Fbh7Nd

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