www.ChicagoBusiness.com/
Preston Hollow Capital LLC has filed in court claiming the U.S. bond-market powerhouse Nuveen LLC should pay $628 million for trying to coerce banks into not doing business with its smaller rival. This is the latest news on the three-year-plus legal battle that’s going to trial in state court in Wilmington, Delaware, sometime in July.
Nuveen denied in a separate filing that it had targeted Preston Hollow’s business and argued that it should not be liable to pay any damages. Nuveen is a unit of teachers’ investment group TIAA and the second-largest municipal bond-fund manager. Nuveen’s expert, contends the fund’s damage assessment is based on flawed assumptions and incorrect math. Furthermore arguing that even if jurors were to agree Nuveen harmed Preston Hollow, there’s no basis for awarding the fund more than $305 million, according to court filings.