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Fontainebleau accuses bank of conflict of interest

Tue May 12, 2009 7:05 PM EDT
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Associated Press
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LAS VEGAS — The developers of a $3 billion casino-resort on the Las Vegas Strip have amended a lawsuit against 11 banks to charge that one of them purposely interfered with contracts with other lenders.

The amended complaint filed Tuesday by Fontainebleau Las Vegas says Deutsche Bank was motivated to destroy the Fontainebleau project because it owns the Cosmopolitan Resort also being built on the Strip, projected to open in 2010.

The company is demanding additional damages from the bank.

Fontainebleau says Deutsche Bank and 10 others reneged on an agreement to fund about $800 million that developers need to finish the 3,900-room casino-resort.

Officials for Deutsche Bank were not immediately reachable for comment.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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