Co-op Bank Avoids £6.5M Hotel Development Court Battle

Law360, London (April 10, 2019, 12:50 PM BST) -- Co-operative Bank PLC avoided claims on Wednesday that it broke an agreement to sell a stake in a failed hotel development in northern England to a U.K. asset manager, although a judge at a London court said the bank could be on the hook for the company's time. 

The bank did not enter into a binding contract to sell Astra Asset Management U.K. Ltd. its security in the Hilton Leeds Arena development for around half the lender’s £2 million ($2.6 million) asking price, because the deal was not completed in writing, Andrew Henshaw QC, sitting as a judge at the High Court, wrote....

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