Grant & Eisenhofer achieved a confidential resolution for institutional investors in $326 million AgriBank note redemption dispute
Plaintiff(s):
Diverse Partners, LP, Troy Bank & Trust Company and an ad hoc group of institutional investors, distressed investors, insurance companies and community banks
Case type / claims:
Action brought by institutional investors challenging the redemption of 9.125% Subordinated Notes, alleging improper valuation and redemption practices. Plaintiffs collectively held approximately $326 million (65.2%) of the outstanding notes.
Defendant(s):
AgriBank, FCB
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2021
Outcome:
- Court denied AgriBank’s motion to dismiss in 2017.
- The parties later reached a confidential settlement and jointly dismissed the action with prejudice in February 2021.
