Wachovia Bank Files Lawsuit Against Dreier LLP and Others

Wachovia Bank filed a lawsuit against Dreier LLP and others in the SDNY on Monday.  The lawsuit alleges that Dreier LLP defaulted on a $9 million revolving credit note made in connection with a $14.5 million credit agreement and a term note in the amount of $5.5 million.

In addition to seeking judgment on the loan documents, Wachovia is asking the court to enjoin the firm or any of its current, former or departing attorneys from disposing of any collateral belonging to the bank.  That probably will not be an issue, however, as the SDNY has already appointed Mark Pomerantz of Paul Weiss Rifkind Wharton & Garrison as receiver to protect the firm’s assets at the request of the SEC.

Read the Wachovia complaint